NJEC(SH:600699) Guoxin Securities·2025-04-09 08:10Investment Rating - The report maintains an "Outperform the Market" rating for the company [5] Core Viewpoints - The company is positioned as a "Tier 1" supplier in the automotive and robotics sectors, with a robust order backlog and a focus on expanding into the embodied intelligent robotics industry [3][70] - The company achieved a revenue of 55.864 billion yuan in 2024, a year-on-year increase of 0.24%, while the net profit attributable to shareholders was 960 million yuan, down 11.33% year-on-year [8][4] - The company has set ambitious revenue forecasts for 2025-2027, expecting revenues of 64.243 billion yuan, 68.098 billion yuan, and 71.843 billion yuan respectively, alongside net profits of 1.582 billion yuan, 1.920 billion yuan, and 2.153 billion yuan [3][4] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 14.73 billion yuan, a year-on-year increase of 2.15%, and a net profit of 19 million yuan, down 93.77% year-on-year [8][10] - The overall gross margin for 2024 was 16.2%, an increase of 1.1 percentage points year-on-year, while the net margin was 2.4%, up 0.1 percentage points year-on-year [2][10] - The automotive safety systems segment generated 38.617 billion yuan in revenue, a year-on-year increase of 0.23%, with a gross margin improvement of 2.27 percentage points to 14.81% [8][10] Order Backlog and Market Position - The company has a strong order backlog, with new project orders reaching a record high of approximately 83.9 billion yuan for 2024 [2][36] - The new orders include approximately 57.4 billion yuan for automotive safety and 26.5 billion yuan for automotive electronics, with over 46 billion yuan related to new energy vehicles [2][36] Strategic Initiatives - The company is accelerating its expansion into the embodied intelligent robotics industry, focusing on key technologies such as sensory systems and control mechanisms [70][71] - A strategic partnership with Zhiyuan Robotics was established to enhance collaboration on core technologies and product development in the robotics field [73][74] Cost Management and Efficiency - The company is implementing various cost improvement measures to enhance competitiveness, including optimizing the global supply chain and increasing the self-supply ratio of core components [44][46] - The gross margin for the main business improved by 1.8 percentage points to 16.3% in 2024, with significant improvements in the automotive safety segment [46][48] Innovation and R&D - The company is committed to continuous innovation in automotive electronics, focusing on smart cockpit, smart driving, and new energy vehicle technologies [48][50] - The development of AI tools and models is being leveraged to enhance operational efficiency and product development quality [66][67]