Xin Lang Cai Jing·2025-10-25 09:15Core Insights - In the first three quarters of 2023, the company reported revenue of 31.663 billion yuan, a year-on-year increase of 24.67%, marking the first time it exceeded 30 billion yuan in the same period [1] - The net profit attributable to shareholders reached 4.254 billion yuan, almost matching the full-year level for 2024, with a year-on-year growth of 26.84% [1] - The company has faced challenges such as insufficient growth momentum and continuous pressure on gross margins despite strong revenue growth [1][4] Financial Performance - The company's revenue has grown from 11.511 billion yuan in 2020 to an expected 37.041 billion yuan in 2024, achieving over threefold growth [6] - However, the year-on-year growth rate of revenue has entered a downward trend, decreasing from over 55% in 2020-2021 to 21.77% in 2024 [6] - The net profit has also shown a significant slowdown, with the year-on-year growth rate declining from 120.62% in 2020 to a projected negative growth in 2024, dropping to 4.285 billion yuan [6][8] Gross Margin Trends - The gross margin has decreased from 38.96% in 2020 to 28.7% in 2024, a decline of over 10 percentage points [8] - In the first three quarters of 2023, the gross margin was 29.27%, down 1 percentage point year-on-year, primarily due to the increasing revenue share from the lower-margin new energy vehicle business [8] Business Segments - The company's main business segments include general automation, new energy vehicles, smart elevators, and rail transit [10] - The new energy vehicle and rail transit segments generated approximately 14.8 billion yuan in sales, a year-on-year increase of about 38%, accounting for about 47% of total revenue [11] - The general automation segment, previously the largest revenue contributor, saw its share decline, generating about 13.1 billion yuan, with a year-on-year growth of 20% [11] Competitive Landscape - The company faces competition from foreign brands such as Siemens, ABB, and Mitsubishi, which have historically dominated the Chinese industrial automation market [12] - Despite being a domestic player, the company has advantages such as local policy support and customized solutions, allowing it to expand market share amid global supply chain instability [12] Strategic Initiatives - The company is actively pursuing new growth opportunities by entering the humanoid robotics market, leveraging its expertise in motion control and servo drives [14] - In 2024, the company began developing key components for humanoid robots and has already produced prototypes for high-performance joints [15] - The company has also re-entered the energy storage market, forming strategic partnerships and launching new products, despite facing intense competition in the sector [17][18]