Wanma Co., Ltd.(SZ:002276) Xin Lang Cai Jing·2025-04-29 02:43Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing revenue growth but a significant decline in net profit for 2024, while Q1 2025 showed mixed results in revenue and net profit [1][2]. Group 1: Financial Performance - In 2024, the company achieved revenue of 17.761 billion yuan, a year-on-year increase of 17.46%, but the net profit attributable to shareholders was 341 million yuan, a decrease of 38.57% [1]. - For Q1 2025, the company reported revenue of 3.970 billion yuan, a year-on-year increase of 4.43% but a quarter-on-quarter decrease of 16.25%. The net profit attributable to shareholders was 82 million yuan, a year-on-year increase of 23.05% but a quarter-on-quarter decrease of 5.23% [1]. Group 2: Business Segments - The wire and cable segment continued to grow, with revenue from power products reaching 11.747 billion yuan in 2024, an increase of 32.29%, although the gross margin decreased by 2.32 percentage points to 9.92% [1]. - The polymer materials segment also saw revenue growth, achieving 5.185 billion yuan in 2024, a year-on-year increase of 6.42%, with a gross margin of 13.24%, down by 3.46 percentage points [2]. - The company successfully launched its high-end equipment project in Qingdao, with a focus on leading technology in photovoltaic cable production and a successful implementation of its north-south linkage strategy [1]. Group 3: Innovation and Development - The company has been advancing its capacity in the polymer materials sector, with sales volume reaching 528,700 tons in 2024, a year-on-year increase of 9.31%, and a monthly sales peak of 55,500 tons [2]. - The company has made significant progress in R&D, completing multiple key new product developments and advancing major projects in the new materials sector, including the successful launch of the silane integration project [2]. - The company has also established a robotics cable division since 2016, achieving mass delivery of flexible robotic cables in 2024, which meet international standards for durability [2]. Group 4: Investment Outlook - The company is expected to see net profit attributable to shareholders of 493 million yuan, 641 million yuan, and 838 million yuan for 2025-2027, representing year-on-year growth of 44.4%, 30.2%, and 30.7% respectively, with corresponding EPS of 0.49, 0.63, and 0.83 yuan [3].