振华科技(000733)24年年报及25Q1点评：业绩短期承压 新兴战略行业挖掘新增量

Core Insights - The company reported a significant decline in revenue and net profit for 2024, with revenue at 5.219 billion yuan (-32.99%) and net profit at 970 million yuan (-63.83%) [1][2] - The gross margin decreased to 49.70% (-9.65 percentage points) and net margin fell to 18.60% (-15.85 percentage points) due to increased competition and rising costs [2][3] - Despite the challenges, the company is focusing on emerging strategic sectors such as commercial aerospace, low-altitude economy, civil aviation, and new energy vehicles to drive future growth [2][4] Financial Performance - In Q1 2025, the company achieved revenue of 908 million yuan (-10.45% year-on-year, -38.62% quarter-on-quarter) and net profit of 59 million yuan (-42.60% year-on-year, -82.03% quarter-on-quarter) [1][3] - Contract liabilities increased by 37.99% compared to the end of 2024, indicating a potential improvement in demand [3] - The company’s R&D expenses decreased to 359 million yuan (-18.39%), but the R&D expense ratio remained high at 6.89% (+1.23 percentage points) [3][4] Industry Context - The electronic components industry is facing intensified competition due to factors such as centralized procurement and price reductions, which are squeezing profit margins [2][4] - The demand for high-tech electronic components is expected to rise with the upgrade of military equipment and the rapid development of strategic emerging sectors [2][4] - The increase in inventory and work-in-progress suggests that the company is preparing for improved order fulfillment and delivery speed [4] Strategic Initiatives - The company is committed to enhancing its technological capabilities and focusing on cutting-edge research to support sustainable growth [3][4] - Efforts are being made to digitize and upgrade production lines to improve operational efficiency and product quality [6] - The company aims to leverage a low-cost, scalable product profit model to enhance its core competitiveness and expand its application areas [6]