精进电动：技术引领与稳健运营驱动高质量增长

Core Insights - The company showcased strong momentum and long-term growth potential in the electric drive system sector during its 2024 annual performance briefing [2] Financial Performance - In 2024, the company achieved total revenue of 1,304.90 million yuan, a year-on-year increase of 50.64%, significantly exceeding the industry average growth rate [3] - The net cash flow from operating activities reached 12.40 million yuan, up 103.74% year-on-year, indicating a notable improvement in financial health [3] Technological Innovation - The company emphasizes technological innovation as a core driver, with a comprehensive self-research capability in electric drive systems, covering cost reduction and efficiency enhancement across the entire value chain [4] - The company has established a first-mover advantage in areas such as 800V high-voltage platforms and silicon carbide controllers, with a significant patent layout covering core components [4] Operational Efficiency - The company is transitioning towards becoming an excellent manufacturing enterprise by optimizing production operations and enhancing supply chain collaboration, which has improved scale effects and cost control capabilities [5] - The focus on high-value-added products and the strengthening of bargaining power through technological barriers have led to continuous optimization of product structure and profitability [5] Global Strategy - The company has made significant progress in expanding into North American and European markets, with overseas revenue accounting for 35.35% in 2024 [5][6] - The company plans to adjust production and supply chain strategies in response to recent trade policy changes, demonstrating strong adaptability and risk management capabilities [6] Industry Outlook - The electric vehicle industry is expected to see production and sales exceed 12.88 million units in 2024, a year-on-year growth of 34.4%, driven by policy support and market demand [7] - The company is well-positioned to capitalize on industry trends, with plans to launch hybrid electric drive systems for domestic manufacturers in the second quarter of 2025 [7]