通合科技(300491)：行业竞争加剧业绩短期承压 新领域放量可期

Core Viewpoint - The company faces increased industry competition leading to a decline in gross margin and profitability, prompting a downward revision of profit forecasts for 2025-2026 [1][2] Financial Performance - In 2024, the company achieved revenue of 1.209 billion yuan, a year-on-year increase of 19.89%, but reported a net profit attributable to shareholders of 24 million yuan, a decline of 76.66% [1] - For Q1 2025, the company reported revenue of 207 million yuan, a year-on-year increase of 16.14%, but incurred a net loss of 6.52 million yuan, marking a transition to loss compared to the previous year [1] - The gross margin for 2024 was 27.2%, down 5.9 percentage points year-on-year, primarily due to a 6.32 percentage point decline in the gross margin of the charging module business [2] Business Segmentation - In 2024, the charging module business generated revenue of 780 million yuan, up 20.40%, with a gross margin of 21.26%, down 6.32 percentage points [2] - The power operation power supply segment achieved revenue of 210 million yuan, a year-on-year increase of 19.47%, with a gross margin of 36.92%, down 1.73 percentage points [2] - The customized power supply and testing business reported revenue of 100 million yuan, a decline of 16.24%, with a gross margin of 51.06%, down 0.29 percentage points [2] Cost Structure - In 2024, the company's expense ratios were as follows: sales 6.2%, management 7.2%, R&D 9.4%, and financial 0.4%, reflecting increases of 0.2, 0.7, 0.6, and 0.2 percentage points respectively [2] - For Q1 2025, the expense ratios were: sales 6.4%, management 10.5%, R&D 14.6%, and financial 0.6%, with changes of +0.2, -0.1, +2.2, and +0.1 percentage points respectively [2] Business Development - The company is solidifying its existing business while expanding into new areas such as thermal management power supplies for new energy heavy trucks and HVDC products for data center power distribution, which are expected to contribute to business growth [3]