知名车企美国市场收入锐减近80%，净利预计降超六成

Core Viewpoint - Greenway Technology (SZ301322) expects a significant decline in net profit for 2025, following a 2024 profit drop, primarily due to high tariffs in the U.S. market and substantial asset impairment provisions [1][4][5]. Financial Performance - The company forecasts a net profit attributable to shareholders of 40 million to 50 million yuan for 2025, representing a year-on-year decline of 71.86% to 64.82%. The net profit after excluding non-recurring gains and losses is expected to be only 2 million to 3 million yuan, down 98.11% to 97.16% [1][3]. - In 2024, the net profit figures were 142 million yuan and 106 million yuan, respectively, indicating a drastic reduction in profitability [5]. Revenue Breakdown - Total revenue for 2024 was approximately 831 million yuan, a decrease of 23.15% from 2023 [7]. - The U.S. market, which previously accounted for 53.22% of revenue in 2023, saw its contribution drop to 29.14% in 2024, with revenue from this market plummeting by 57.93% [5][7]. - The company’s main product, golf carts, experienced a revenue decline of 34.09% in 2024, contributing 63.80% of total revenue [7][10]. Asset Impairment - Greenway Technology reported a total asset impairment provision of approximately 76.82 million yuan, with 23.59 million yuan for inventory and 52.41 million yuan for accounts receivable, largely due to the impact of U.S. tariffs [4][5]. Strategic Shift - In September 2025, the company completed the acquisition of a controlling stake in Jiangsu Damo Semiconductor Technology Co., aiming to diversify its business and seek new growth avenues [4][11]. - Despite the acquisition contributing to revenue growth, it has not yet translated into profit improvement, raising questions about the effectiveness of this strategic shift [12]. Market Diversification Efforts - The company is actively pursuing market diversification strategies, reducing reliance on the U.S. market, which accounted for less than 10% of revenue in the first nine months of 2025 [8].