Xin Lang Cai Jing·2025-05-04 08:36Core Viewpoint - The company reported a steady increase in revenue and a significant turnaround in net profit for 2024, driven by product innovation and market expansion efforts [1][2]. Financial Performance - The company's operating revenue for 2024 was 1.048 billion yuan, an increase of 0.63% year-on-year [1][2]. - The net profit attributable to shareholders reached 90 million yuan, up 175.80% compared to the previous year [1][2]. - The non-recurring net profit was 71 million yuan, reflecting a growth of 126.87% [1][2]. - The gross margin was 23.74%, an increase of 0.63 percentage points, while the net margin improved to 8.75%, up 5.51 percentage points [1][2]. Business Segments - The company operates primarily in two segments: refrigerator compressor parts and radar and aerospace electronics [1]. - In the refrigerator compressor parts segment, sales volume reached 337 million units, a growth of 4.56%, with revenue of 640 million yuan, up 16.44% [2]. - The radar and aerospace electronics segment saw a revenue decline to 407 million yuan, down 17.07%, despite a significant sales volume increase of 60.62% [2]. Cost Management and R&D - The company successfully reduced its operating expense ratio to 7.90%, a decrease of 0.10 percentage points, mainly due to a significant reduction in financial expenses [3]. - R&D investment increased to 80.46 million yuan, a growth of 0.67%, with the number of R&D personnel rising to 390, an increase of 13.04% [3]. Future Outlook - The radar and aerospace electronics segment is expected to benefit from the military industry's upward cycle and accelerated satellite internet construction [3][5]. - The company anticipates continued growth in its refrigerator compressor parts business due to ongoing demand and the "old-for-new" policy [5][6]. - Revenue projections for 2025-2027 are estimated at 1.172 billion yuan, 1.315 billion yuan, and 1.480 billion yuan, respectively, with net profits of 100 million yuan, 112 million yuan, and 125 million yuan [6].