Core Viewpoint - Jin Ying Heavy Industry (301048) demonstrated resilience and long-term planning during its 2024 performance briefing, addressing challenges in a complex economic environment while outlining strategies for future growth [1][2][3] Financial Performance - In 2024, the company achieved operating revenue of 3.093 billion yuan, a year-on-year increase of 1.13%, while net profit attributable to shareholders was 191 million yuan, a decline of 35.54% [1] - The decline in profit was attributed to three main factors: a shift in product mix towards lower-margin rail vehicles and freight equipment, an increase in bad debt provisions by over 47 million yuan, and a 9.40% rise in R&D expenses to 95.16 million yuan [1] - Excluding the latter two factors, the profit decline would have been only 16%, indicating stable fundamentals in the core business [1] Strategic Initiatives - The company is taking proactive measures to enhance profitability, including increasing debt collection efforts, implementing differentiated marketing strategies for high-value products, and promoting cost-saving initiatives [1] - For 2025, the company expects a 13.31% year-on-year increase in total profit, focusing on optimizing production organization and strengthening its leading position in the national railway and urban rail markets [2] Market Expansion - Jin Ying Heavy Industry plans to deepen its involvement in the "Belt and Road" initiative, focusing on international projects such as the China-Thailand Railway and the China-Kyrgyzstan-Uzbekistan Railway [2] - The company aims to create an integrated solution of "line construction + equipment leasing + maintenance services" and enhance service quality through a digital platform [2] R&D Investment - R&D investment is crucial for the company's long-term competitiveness, with a 9.40% increase in R&D expenses in 2024, and further investments planned for 2025 focusing on "new energy power transformation and intelligent control upgrades" [3] - The company has established a comprehensive overhaul network to improve efficiency and reduce costs in response to the growing overhaul market [3] Shareholder Returns - The company plans a cash dividend of 33.1291 million yuan for 2024, with a dividend payout ratio of 20% of distributable profits, doubling from the previous year [3] - The management emphasizes maximizing shareholder value while balancing sustainable development needs [3]
金鹰重工2024年度业绩说明会：稳健前行，布局未来