Vanward(SZ:002543) 2 1 Shi Ji Jing Ji Bao Dao·2025-05-12 00:07Core Viewpoint - The company, Guangdong Vanward New Electric Co., Ltd., reported significant growth in overseas revenue for 2024, despite uncertainties related to tariff policies impacting exports [1]. Financial Performance - In 2024, the company achieved total revenue of 7.342 billion yuan, a year-on-year increase of 20.29% [1]. - The net profit attributable to shareholders reached 658 million yuan, reflecting a 15.73% year-on-year growth [1]. - Export sales revenue was 2.663 billion yuan, up 41.43% year-on-year, while domestic sales were 4.534 billion yuan, growing by 10.23% [1]. - The proportion of export sales in total revenue increased from 30.85% in 2023 to 36.27% in 2024 [1]. Operational Strategy - The company is implementing measures to address tariff risks, including overseas factory layouts, market diversification, and a dual-driven approach from domestic and international markets [2]. - The Thai factory's first phase has entered mass production, with the second phase expected to begin trial production in April 2025 [2]. - The Egyptian factory is set to start trial production in January 2025, targeting the European and African markets [2]. Cash Flow and Working Capital - The operating cash flow for 2024 was 618 million yuan, a decrease of 52.32% year-on-year [3]. - The increase in cash payments for goods, labor, and other operating activities contributed to the decline in cash flow [3]. - Accounts receivable rose from 860 million yuan in 2023 to 1.209 billion yuan in 2024, an increase of over 40%, with the turnover days extending from 34 days to 51 days [3][4]. - Inventory increased from 820 million yuan in 2023 to 1.055 billion yuan in 2024, marking a 28.66% rise [4].