兴瑞科技2024年财报：营收利润双降，新能源汽车业务成亮点

Core Viewpoint - The overall performance of the company in 2024 is under significant pressure, with notable declines in revenue and net profit, highlighting challenges in adapting to market changes and customer structure adjustments [1][4][8] Financial Performance - The company reported total revenue of 1.902 billion yuan, a year-on-year decrease of 5.17% [1][4] - Gross profit was 484 million yuan, with net profit attributable to shareholders at 229 million yuan, and non-recurring net profit at 221 million yuan, reflecting declines of 14.41% and 16.09% respectively [1][4] - On a rolling quarter basis, total revenue, net profit, and non-recurring net profit decreased by 4.75%, 15.22%, and 16.53% respectively [4] Business Segments - The company's performance in the new energy vehicle (NEV) sector was a highlight, achieving sales revenue of 1.041 billion yuan, accounting for over 80% of automotive electronics revenue, with a year-on-year growth rate exceeding 10% [5][6] - Despite the growth in NEV, the overall performance was negatively impacted by strategic adjustments from major clients, leading to short-term revenue and profit declines [6][8] - The company’s efforts in the smart terminal and consumer electronics sectors did not compensate for the short-term fluctuations in the NEV business, with new product mold development doubling but not translating into significant revenue contributions [4][8] Capacity and ESG Initiatives - The company continued to advance its production capacity layout with six major production bases, including the launch of a new NEV parts base in Ningbo and expansion projects in Suzhou [7] - Despite these initiatives, the financial data for 2024 did not reflect significant short-term benefits from the capacity expansion [7] - The company made progress in ESG governance, completing a carbon emission audit and implementing energy-saving projects, although these efforts are expected to have limited short-term impact on performance [7]