Core Viewpoint - Suzhou Jinhongshun Automotive Parts Co., Ltd. reported significant revenue growth in 2024 but continued to face net profit losses, highlighting a divergence between revenue and profitability [2][3][4] Group 1: Performance Overview - In 2024, the company achieved operating revenue of 867 million yuan, a year-on-year increase of 87.21%, while the net profit attributable to shareholders was -12 million yuan, marking a continued trend of alternating profits and losses over the past four years [2] - The automotive parts business sold a total of 37.3 million units, a year-on-year increase of 2.88%, generating revenue of 694 million yuan, up 69.48% [2] - The mold business saw revenue of 62 million yuan, a substantial increase of 554.15% compared to the previous year [2] Group 2: Client and Revenue Analysis - The company detailed its top five clients for 2023 and 2024, noting significant changes such as Suzhou Dongyue's revenue surge due to the temporary Tesla Model Y battery tray project, which ended in August 2024 [2] - Wuhu Da'ao's revenue increased by 466.04% due to higher sales of the Jietu Traveler model [2] - The revenue growth in 2024 was primarily driven by Wuhu Da'ao and Suzhou Dongyue, with their combined revenue accounting for 47.75% of total revenue [2] Group 3: Profitability Challenges - The net profit loss was attributed to negative gross margins from the two major clients, with Wuhu Da'ao's margin improving over time and Suzhou Dongyue's real gross margin at 0.33% after considering waste income [3] - The company anticipates a turnaround in net profit by Q1 2025 as production approval processes are completed and Wuhu Da'ao's gross margin turns positive [3] Group 4: Gross Margin and Cost Analysis - The gross margin for the automotive parts business was 3.75%, a decrease of 0.28 percentage points from the previous year, while the mold business gross margin was 21.22%, down 35.19 percentage points [4] - The decline in mold business gross margin was linked to changes in cost structure and special project impacts, with no significant differences compared to industry peers [4] - Inventory turnover rate improved to 4.53 times, a year-on-year increase of 120.01%, influenced by reduced mold balances and cost transfers from key clients [4]
金鸿顺回复年报问询函:2024年收入大增但仍亏损,剖析业绩波动与盈利困局