CDXG(600353) 新浪财经·2025-05-07 00:28Core Viewpoint - The company reported strong financial performance for 2024, with revenue and net profit growth, while Q1 2025 showed a decline in revenue but improvement in profitability metrics [1][2]. Financial Performance - In 2024, the company achieved revenue of 1.586 billion yuan, a year-on-year increase of 20.48% - The net profit attributable to shareholders was 102 million yuan, up 10.53% year-on-year - The net profit after deducting non-recurring items was 86.07 million yuan, an increase of 18.97% year-on-year - For Q1 2025, revenue was 343 million yuan, a decline of 11.38% year-on-year - The net profit attributable to shareholders for Q1 2025 was 30.14 million yuan, up 19.34% year-on-year - The net profit after deducting non-recurring items for Q1 2025 was 27.64 million yuan, an increase of 35.66% year-on-year [1][2]. Profitability and Cash Flow - The overall gross margin for 2024 was 22.82%, a decrease of 3.87 percentage points from the previous year due to rising raw material costs - In Q1 2025, the overall gross margin improved to 23.83%, an increase of 3.59 percentage points year-on-year, attributed to better cost control - The net cash flow from operating activities for 2024 was 69.05 million yuan, an increase of 81.59 million yuan year-on-year, mainly due to increased revenue and cash receipts [2]. Business Segments - The power equipment segment generated revenue of 863.52 million yuan in 2024, a year-on-year increase of 16.68% - The military products segment achieved revenue of 367.24 million yuan, up 11.77% year-on-year - The electronic materials segment saw significant growth, with revenue of 73.02 million yuan, a year-on-year increase of 67.16% [3][4]. Strategic Development - The company is focusing on collaborative development across three main areas: power equipment, military equipment, and electronic materials - The company has established a solid competitive barrier through technological and market advantages in various fields - The company is actively developing new products and optimizing its product structure to enhance profitability [3][4]. Future Outlook - Revenue projections for 2025-2027 are 1.857 billion yuan, 2.397 billion yuan, and 2.949 billion yuan, respectively - Expected net profits for the same period are 164 million yuan, 198 million yuan, and 279 million yuan, respectively - The company is positioned to capture significant growth opportunities in high-end fields and domestic substitution of key technologies [5].