Zheng Quan Zhi Xing·2025-06-16 11:28Core Viewpoint - The company, Guangdong Liyuanheng Intelligent Equipment Co., Ltd., reported significant declines in revenue and profit for 2024, primarily due to intensified competition in the lithium battery equipment market and increased operational costs [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 2.482 billion yuan, a year-on-year decrease of 50.30%. The net profit attributable to shareholders was -1.044 billion yuan, compared to -188 million yuan in the previous year [1][2]. - The comprehensive gross profit margin for 2024 was 7.77%, down 18.67 percentage points from the previous year [1]. Business Segment Analysis - The revenue from the power lithium battery equipment segment decreased by 63.01% year-on-year, attributed to reduced demand in the domestic new energy market and longer project delivery cycles [2][3]. - Conversely, revenue from consumer lithium battery equipment increased by 82.79%, driven by technological changes and increased demand in the consumer electronics sector [2][3]. Cost Structure - The company reported a significant increase in various expenses, including sales, management, R&D, and financial costs, which contributed to the overall losses [6][8]. - The total expenses for 2024 were 2.046 billion yuan, with a notable increase in financial expenses due to higher interest payments from increased bank borrowings [10][11]. Industry Comparison - The company's gross margin decline was more pronounced than that of comparable companies in the industry, indicating a more severe impact from market conditions [5][15]. - The average gross margin for comparable companies was 29.07%, while Liyuanheng's was significantly lower at 7.77% [5]. Future Outlook - The company anticipates a gradual recovery in performance, supported by a rebound in demand for power lithium batteries and improvements in operational efficiency [12][14]. - As of May 31, 2025, the company reported a total order backlog of approximately 492 million yuan, indicating potential for future revenue growth [13][14].