MOONS’(603728) Changjiang Securities·2025-05-07 11:13Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 2.416 billion in 2024, a decrease of 4.99% year-on-year, and a net profit attributable to shareholders of 78 million, down 44.53% year-on-year. In Q1 2025, the company achieved a revenue of 595 million, a slight decrease of 2.16% year-on-year, but net profit increased by 10.82% year-on-year to 7 million due to improved inventory management [5][6]. - The overall gross margin remained stable at 37.68% in 2024, with room for improvement in expense control. The company’s operating profit margin was 3.29%, down 2.29% year-on-year, primarily due to increased sales, management, and R&D expenses [11][12]. - The company has highlighted growth in specific segments, particularly in the robotics field, where revenue from the slotless hollow cup business grew nearly 200%. The company is expected to achieve faster growth in this area [11][12]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 2.416 billion, with a gross profit of 910 million, resulting in a gross margin of 37.68%. The net profit attributable to shareholders was 78 million, reflecting a significant decline from the previous year [5][11]. - For Q1 2025, the company reported a revenue of 595 million, with a net profit of 7 million, indicating a recovery trend compared to the previous year [5][11]. Market Conditions - The overall demand in the downstream industry is in a phase of adjustment, leading to intensified market competition and a slowdown in demand growth. The domestic revenue was 1.346 billion, down 0.21% year-on-year, while overseas revenue was 1.070 billion, down 10.39% year-on-year [11][12]. - The company’s performance in the control motor and drive system segments showed mixed results, with some areas experiencing declines while others, like power and lighting control products, saw a revenue increase of 10.03% [11][12]. Segment Highlights - The company’s brushless motor segment achieved a revenue of 220 million in 2024, growing by 31% year-on-year. The servo control system business generated 551 million, although it faced a decline of 21.3% overall, with certain products still maintaining growth [11][12]. - The traditional business segments showed improvement, particularly in security equipment, financial devices, 3D printing, and communication devices, with revenue growth rates of 14%, 21%, 37%, and 6% respectively [11][12].