锐明技术业绩会答疑：美国市场收入占比已降至15%，智驾未与华为合作

Core Viewpoint - Shenzhen Rui Ming Technology Co., Ltd. reported significant growth in revenue and net profit for 2024, with a focus on maintaining a balanced global business presence and leveraging AI technology in its operations [1][2][3]. Financial Performance - In 2024, the company achieved total revenue of 2.777 billion yuan, a year-on-year increase of 63.45%, and a net profit of 290 million yuan, up 184.50% year-on-year [1]. - For Q1 2025, total revenue reached 515 million yuan, a 2.53% increase compared to the same period last year, with a net profit of 101 million yuan, up 89.60% year-on-year [1]. Debt and Asset Management - By the end of 2024, total liabilities increased by 48.1% compared to the beginning of the year, while total assets grew by only 30.6%, resulting in a record high asset-liability ratio of 44.5% [2]. - The increase in liabilities was primarily driven by current liabilities, particularly accounts payable due to the expansion of electronic processing business [2]. - The company plans to strategically divest low-efficiency electronic processing operations in 2025 to normalize the asset-liability ratio [2]. AI Technology Application - The company has invested in AI technology since 2016, with its SafeGPT model engine integrating vehicle data, driver behavior, and environmental perception data for real-time risk analysis [3][5]. - The SafeGPT model is designed to analyze driver status and dynamically trigger intervention mechanisms to prevent traffic accidents [5][6]. Market Strategy and Risks - The company has reduced its revenue dependence on the U.S. market, which accounted for less than 15% of total revenue in Q1 2025, while experiencing significant growth in emerging markets such as South America, Asia-Pacific, and the Middle East [3]. - The establishment of a manufacturing center in Vietnam in 2023 aims to mitigate potential impacts from U.S.-China trade tensions [3]. Product Development and Collaborations - The AEBS product has been successfully implemented in both pre-installed and aftermarket scenarios for commercial vehicles, with partnerships established with domestic commercial vehicle manufacturers [4]. - The company does not currently have strategic collaborations with Huawei in the field of intelligent driving [4].