福日电子：主营业务大幅改善 受计提减值影响仍亏损

Core Viewpoint - Furi Electronics (600203) is expected to significantly reduce its losses in 2025, with a projected net profit attributable to shareholders of approximately -50 million yuan and a non-recurring net profit of about -73 million yuan, compared to a larger loss in 2024 [1] Financial Performance - In 2024, the company reported a net profit attributable to shareholders of -384 million yuan and a non-recurring net profit of -437 million yuan [1] - The expected loss in 2025 represents a reduction of over 330 million yuan compared to the previous year for net profit and over 360 million yuan for non-recurring net profit, indicating significant improvement [1] Revenue and Profitability - Furi Electronics anticipates a revenue increase of approximately 33% in 2025 compared to the previous year [1] - The overall gross margin is expected to improve by about 1.8 percentage points, with gross profit increasing by approximately 400 to 500 million yuan [1] Business Segments - The smart terminal and LED segments are expected to show substantial improvement in 2025 compared to the previous year [1] - The company is focusing on high-quality major clients and continuing to promote refined management, leading to a significant increase in orders for the smart terminal business [1] Impairment Provisions - Despite the expected improvements, the company will still incur losses primarily due to the provision for various impairment losses [1] - It is estimated that the company will recognize impairment losses of approximately 370 million yuan for inventory, accounts receivable, and goodwill in 2025 [1]