Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In 2024, the company achieved a revenue of 23.15 billion, representing a year-on-year growth of 12.8%, and a net profit attributable to shareholders of 2.32 billion, with a year-on-year increase of 21.9% [2][4]. - The company has established a solid overseas production capacity and possesses excellent global operational capabilities, which are expected to enhance profitability as new product orders continue to grow [2][7]. - The company has signed a strategic cooperation agreement with Zhiyuan to develop electronic skin, joints, and wireless charging, accelerating progress in the humanoid robot industry [2][7]. Summary by Sections Revenue and Profitability - The company reported a revenue of 119.8 billion in the second half of 2024, with a year-on-year increase of 10.6% and a quarter-on-quarter increase of 7.3% [7]. - The revenue breakdown by product categories includes battery boxes (29.5 billion, +70.0% YoY), plastic parts (30.2 billion, -3.7% YoY), aluminum parts (29.7 billion, +31.9% YoY), and metal and decorative parts (29.5 billion, -0.2% YoY) [7]. - The gross profit margin for the second half of 2024 reached 29.5%, with a year-on-year increase of 1.3 percentage points [7]. Market Position and Growth - The company is positioned as one of the largest battery box suppliers globally, with new orders from major automotive manufacturers [7]. - The company has diversified its customer base and is expanding its product offerings, which supports accelerated growth in performance [7]. - The company has restarted dividends amounting to 460 million, with a dividend payout ratio of 20% [7]. Future Outlook - The company expects net profits attributable to shareholders to reach 2.72 billion, 3.21 billion, and 3.76 billion for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 8.6X, 7.3X, and 6.2X [7].
敏实集团（00425）：年报点评：业绩略超预期，分红重启，公司进入成长及盈利双升周期