嘉元科技业绩会：在高端电子电路铜箔领域实现多项突破

Core Viewpoint - The company is actively expanding its overseas market presence and adjusting its product structure to meet international demand, while maintaining a focus on managing the impacts of tariffs and trade wars [1] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 6.522 billion yuan, a year-on-year increase of 31.27%, but reported a net loss of 239 million yuan [1] - In the first quarter of 2025, the company recorded operating revenue of 1.981 billion yuan, a year-on-year increase of 113.00%, and a net profit of 24.46 million yuan, marking a return to profitability [1] Group 2: Reasons for Loss and Recovery - The reasons for the 2024 loss included a decline in copper foil processing fees, a significant rise in copper prices, extended customer payment terms leading to increased bad debt provisions, and lower capacity utilization affecting unit costs [2] - The recovery in Q1 2025 was attributed to increased sales orders, higher capacity utilization, and reduced unit production costs, resulting in improved gross margins [2] Group 3: Research and Development - The company is increasing R&D investment to promote the domestic substitution of high-end electronic circuit copper foil, achieving breakthroughs in products for high-frequency and high-speed circuits [3] - The company has the capability to convert part of its lithium battery copper foil capacity into high-end electronic circuit copper foil production, which has higher added value [3]