Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 321.39 million yuan in 2024, representing a year-on-year growth of 16.56%, and a net profit attributable to shareholders of 54.10 million yuan, up 5.03% year-on-year [2] - The growth in performance is attributed to the company's capacity expansion and market development efforts, with new production equipment contributing to increased capacity and revenue growth from new customers and products [2] - The gross profit margin faced pressure, decreasing by 1.32 percentage points to 30.37%, while the net profit margin decreased by 1.96 percentage points to 17.16% [2] Summary by Sections Revenue and Profit Growth - The company reported a total revenue of 321.39 million yuan for 2024, with a year-on-year increase of 16.56% [2] - The net profit attributable to shareholders was 54.10 million yuan, reflecting a 5.03% increase year-on-year [2] - The non-recurring net profit was 51.00 million yuan, up 15.69% year-on-year [2] Business Segments Performance - Revenue from the new energy vehicle components increased by 14.63% to 132 million yuan, accounting for 41.11% of total revenue [2] - Revenue from traditional fuel vehicle components grew by 24.54% to 74 million yuan, representing 23.14% of total revenue [2] - Revenue from general automotive components decreased by 0.98% to 71 million yuan, making up 22.03% of total revenue [2] Strategic Partnerships - The company signed a strategic cooperation agreement with Konghui Automotive, focusing on projects related to air spring components, which is expected to enhance market competitiveness [3] - The company maintains stable partnerships with well-known clients such as Aptiv, Bosch, and Continental, which supports its market position [3] - The company is closely tied to TE Connectivity, the largest connector manufacturer globally, which is expected to drive growth in the new energy vehicle components business [3] Financial Projections - The company forecasts total revenue to reach 386.50 million yuan in 2025, with a growth rate of 20.26% [1] - The net profit attributable to shareholders is projected to be 63.64 million yuan in 2025, reflecting a growth rate of 17.64% [1] - The earnings per share (EPS) is expected to increase to 0.66 yuan in 2025 [1]
易实精密（836221）：2024年报点评：与孔辉汽车签署合作协议，新能源业务放量可期