RAYHOO MOTOR DIES(SZ:002997) 汽车琰究·2025-03-25 14:37Core Viewpoint - The company reported a strong performance in 2024, with revenue of 2.424 billion yuan, a year-on-year increase of 29.16%, and a net profit attributable to shareholders of 350 million yuan, up 73.20% year-on-year [2][3]. Revenue Analysis - In 2024, the company's revenue from mold inspection tools and automated production lines was 1.625 billion yuan, a year-on-year increase of 4.73%, driven by the release of existing orders. Revenue from automotive parts and accessories reached 730 million yuan, a significant increase of 153.89%, establishing it as the company's second growth driver [3]. - The company achieved a total of 851,123 vehicle sales for its major client Chery in Q4 2024, reflecting a year-on-year increase of 35.51% and a quarter-on-quarter increase of 30.51%, contributing to the overall performance improvement [3]. Profitability Insights - In Q4 2024, the company reported a net profit of 98 million yuan, aligning with previous forecasts. The gross profit margin for Q4 was 26.81%, an increase of 10.35 percentage points year-on-year and 2.27 percentage points quarter-on-quarter. The net profit margin was 16.91%, up 8.00 percentage points year-on-year but down 0.30 percentage points quarter-on-quarter [3]. - The significant year-on-year improvement in profitability is attributed to the scale effect of the parts business [3]. Cost Structure - The expense ratios for sales, management, R&D, and financial costs in Q4 2024 were 1.70%, 3.33%, 4.61%, and 0.30%, respectively. These figures reflect year-on-year changes of -0.53, -1.24, -0.48, and +0.81 percentage points, and quarter-on-quarter changes of +0.62, -2.16, -0.66, and +1.24 percentage points, indicating normal fluctuations in expenses [3]. Strategic Developments - The company established a wholly-owned subsidiary, Wuhu Ruixiang Intelligent Robotics Co., Ltd., to accelerate its robotics layout in response to the "23456" innovation system and industrial ecosystem development plan announced by the Anhui Provincial Ministry of Industry and Information Technology [4]. - The company has been actively involved in robotics since 2016, focusing on robot assembly and laser measurement projects, and has developed intelligent manufacturing solutions since 2017 [4]. Order and Production Capacity - As of the end of 2024, the company had a robust order backlog of 3.856 billion yuan, a year-on-year increase of 12.78%, indicating full production capacity [5]. - The lightweight parts business has entered full-scale production, with significant increases in supply volumes for various models, including 766,900 aluminum alloy integrated die-casting body structure parts, a year-on-year increase of 125.49%, and 58.8801 million high-strength plates and aluminum alloy welded parts, up 210.25% year-on-year [5]. Investment Outlook - The company is expected to see further performance improvements driven by its robust order backlog in equipment business and the release of production capacity in lightweight business. Revenue projections for 2025-2027 are 3.46 billion yuan, 4.46 billion yuan, and 5.56 billion yuan, with net profits of 450 million yuan, 580 million yuan, and 720 million yuan, respectively [5][7].