Lettall Electronic(SH:603629) Sou Hu Cai Jing·2025-05-01 19:21Core Viewpoint - The company reported a total revenue of 2.248 billion yuan in 2024, marking an 18.72% year-on-year increase, but net profit attributable to shareholders decreased by 38.77% to 24.6164 million yuan, primarily due to significant losses in the manufacturing sector despite strong performance in the AI computing power business [1] AI Computing Power Business: Growth Engine Emerges - The AI computing power business generated revenue of 455 million yuan and a net profit of 142 million yuan, with a gross margin of 53.42%, reflecting a year-on-year increase of 9.39 percentage points [4] - The company established a comprehensive service system around AI computing power cloud leasing, including equipment distribution, computing power optimization, grid cluster integration, and technical maintenance, fostering stable partnerships with key suppliers and customers [4] - Significant capital investments were made, with fixed asset additions of 277 million yuan and right-of-use asset additions of 1.434 billion yuan, which, while yielding high short-term returns, increased financial pressure on the company [4] Manufacturing Sector: Severe Losses, Urgent Need for Adjustment - The manufacturing sector reported revenue of 1.792 billion yuan, a decline of 4.74%, and a net loss of 116 million yuan, with a gross margin of only 8.65%, down 6.26 percentage points year-on-year [5] - Key reasons for the manufacturing losses included industry downturns, ongoing losses at the subsidiary Anhui Boying, and underperformance of overseas production bases [6] - The company has implemented measures to address manufacturing losses, including capacity reduction and loss mitigation strategies for the Anhui factory, and management team adjustments for overseas factories, which are expected to achieve profitability in the planned fiscal year [6] R&D and Equipment Investment: Dual Drivers for the Future - The company invested 84.2584 million yuan in R&D, a year-on-year increase of 8.77%, with R&D expenses accounting for 3.75% of total revenue, indicating a strong focus on technological innovation [7] - Equipment investments included the addition of production equipment worth 104 million yuan, enhancing the company's production capabilities and supporting future product upgrades and technological advancements [7] - Despite significant investments in R&D and equipment, the persistent losses in the manufacturing sector remain a critical issue, necessitating a balance between technological innovation and improving manufacturing profitability [7]