NJEC(SH:600699) Huaan Securities·2025-03-31 13:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 55.864 billion yuan for 2024, a year-on-year increase of 0.24%, while the net profit attributable to shareholders was 960 million yuan, a decrease of 11.33%. The net profit excluding non-recurring items was 1.282 billion yuan, an increase of 27.74% [4][10] - The automotive safety business achieved a revenue of 38.617 billion yuan, a year-on-year increase of 0.23%, while the automotive electronics business reported a revenue of 16.599 billion yuan, a decrease of 1.13%. The company secured new orders worth approximately 83.9 billion yuan, with over 40% from domestic markets and over 55% related to new energy [6][10] - The company is focusing on optimizing its asset structure and enhancing resource allocation efficiency through strategic moves such as replacing its stake in Junsheng Qunying with a controlling interest in Xiangshan Co., thereby strengthening collaboration in smart cockpits and new energy businesses [8][10] Summary by Sections Financial Performance - In Q4, the company achieved a revenue of 14.729 billion yuan, a year-on-year increase of 2.15%, while the net profit attributable to shareholders was approximately 19 million yuan, a decrease of 93.77% [5] - The gross margin for the main business in 2024 was approximately 16.22%, an increase of 1.14 percentage points year-on-year, with automotive safety and electronics gross margins at 14.81% and 19.71%, respectively [6][10] Future Projections - Revenue projections for 2025, 2026, and 2027 are 64.669 billion yuan, 69.035 billion yuan, and 73.798 billion yuan, respectively, with corresponding net profits of 1.547 billion yuan, 1.881 billion yuan, and 2.195 billion yuan [10][11] - The company expects to maintain a gross margin improvement trend, with projections of 17.2%, 17.8%, and 18.3% for the following years [11] Strategic Initiatives - The company is implementing a "business + capital" globalization strategy, focusing on cost reduction and efficiency improvement measures, which are expected to enhance the profitability of its main business [10] - The company plans to leverage its A+H share structure to accelerate its capital platform layout, with fundraising aimed at advanced technology fields such as autonomous driving and artificial intelligence [8][10]