Beijing Jingwei Hirain Technologies (SH:688326) 东吴汽车黄细里团队·2025-05-01 14:53Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, which met expectations, indicating a potential recovery in profitability driven by new product launches and reduced R&D expenses [2][4]. Financial Performance - In 2024, the company achieved revenue of 5.541 billion yuan, a year-on-year increase of 18.46%, with a net loss attributable to shareholders of 550 million yuan and a non-recurring net loss of 618 million yuan. For Q1 2025, revenue was 1.328 billion yuan, up 49.34% year-on-year but down 50% quarter-on-quarter, with a net loss of 120 million yuan, showing a narrowing of losses [2][4]. Business Segments - The electronic products segment generated revenue of 4.406 billion yuan in 2024, up 28.89% year-on-year, while the R&D services and solutions segment saw a decline of 14.02% to 1.060 billion yuan. The high-level intelligent driving solutions segment experienced significant growth, with revenue increasing by 431.57% to 65 million yuan [3]. New Product Development - The company completed its full coverage of vehicle electronic control products in 2024, establishing a product model that integrates distributed electronic control units, domain control products, and L4 integrated platforms. This development is expected to lead to mass production [3]. International Expansion - The company has established a factory in Malaysia, which is now operational and increasing its shipment volume. It continues to secure contracts with several international OEMs and Tier 1 suppliers, including Stellantis and Scania [3]. R&D Expenses and Profitability Outlook - R&D expenses grew by 7.3% year-on-year in 2024, but the R&D expense ratio decreased by 2 percentage points. The company anticipates that prior R&D investments will start contributing to revenue, potentially leading to a recovery in profitability [4]. Profit Forecast and Investment Rating - The company maintains revenue forecasts of 7.15 billion yuan for 2025 and 8.04 billion yuan for 2026, with expected growth rates of 29% and 13%, respectively. The net profit forecasts for 2025 and 2026 have been adjusted downwards to 2.3 million yuan and 17.4 million yuan, respectively. The company retains a "buy" rating due to the anticipated ramp-up of new electronic products [5].