*ST威帝2024年营收同比增长23.10%

Core Viewpoint - *ST Weidi has shown significant growth in its financial performance for 2024 and the first quarter of 2025, driven by increased demand in the global new energy sector and domestic market recovery [1][2][3] Financial Performance - In 2024, the company achieved operating revenue of 65.24 million, a year-on-year increase of 23.10% [1] - The net profit attributable to shareholders was 5.06 million, marking a turnaround from a loss to profit [1] - By the end of 2024, total assets reached 885 million, reflecting an 11.93% increase compared to the previous year [1] - In Q1 2025, operating revenue surged to 38.16 million, representing an 85.84% year-on-year growth [1] Market Dynamics - The growth in revenue is attributed to the surge in global new energy transition demand, the Belt and Road Initiative enhancing international market expansion, and the technological innovation of domestic bus manufacturers [1][3] - The domestic "old-for-new" policy has stimulated bus renewal demand, alongside a rise in national travel needs, particularly in tourism, which has further boosted the bus market [1] Product Development and Strategy - In 2024, the company focused on upgrading product performance and quality, enhancing stability, and expanding its product line to include smart cockpits and vehicle control systems [2] - R&D investment for 2024 was 11.04 million, with R&D personnel constituting 16.26% of the total workforce [2] - The acquisition of a 51% stake in Anhui Alpha Silicon New Energy Co., Ltd. will accelerate the company's entry into the passenger vehicle sector [2] Industry Outlook - The bus industry is expected to maintain positive growth in 2025, driven by policy support and technological advancements [3] - The domestic "old-for-new" subsidy policy is set to continue, with increased subsidy intensity, further driving demand in the public transport market [3] - As a well-recognized brand in the bus electronics sector, the company is expanding into the truck market and plans to enhance its product structure and market share in 2025 [3]