这家公司净利润下滑31.83%，董事长还被通报批评

Core Viewpoint - Kangjin Electric is facing challenges with increasing revenue but declining profits, as indicated by a significant drop in net profit for 2024 despite revenue growth [1][5]. Company Overview - Established in 2006, Kangjin Electric is a technology-driven integrated power equipment provider and smart energy management solutions provider [3]. - The company shifted its strategy towards smart renewable energy solutions since 2016, participating in the "source-grid-load-storage" system integration [3]. - Kangjin Electric operates three production facilities in Zhuhai and Ganzhou, employing over 1,400 staff, with approximately 17.1% being R&D and technical engineers [3]. Business Segments - The company has two main business segments: smart distribution network equipment and smart renewable energy business solutions [3]. - The smart distribution network equipment segment includes ring main units, transformers, low and high voltage complete equipment, and distribution automation terminal equipment [3]. Financial Performance - Revenue for Kangjin Electric from 2022 to 2024 was approximately 638 million, 824 million, and 969 million yuan, respectively [5]. - Net profit for the same period was 51.78 million, 56.25 million, and 38.34 million yuan, with a notable 31.83% decline in net profit for 2024 [5]. - The company's gross margin has been declining, with gross profits of 186 million, 230 million, and 246 million yuan, corresponding to gross margins of 29.1%, 27.9%, and 25.4% [5]. Market Position - According to Frost & Sullivan, Kangjin Electric ranks third in the Chinese market for ring main unit sales, holding a market share of 4.4% in 2024 [4]. - Competitors such as Xuchang Electric and Teruid have significantly larger revenue and profit scales compared to Kangjin Electric [5][6]. Listing History - Kangjin Electric has changed its listing plans multiple times, initially aiming for the Shenzhen Stock Exchange in 2020, then switching to the Beijing Stock Exchange, and now applying for a listing on the Hong Kong Stock Exchange [7][8]. - The company aims to raise funds for a new production base in Ganzhou, a new R&D center in Shenzhen, debt repayment, and general corporate purposes [10].