PPF(SZ:300258) 车中旭霞·2025-05-06 15:57Core Viewpoint - The performance of Jingzhu Technology is currently under pressure due to fluctuations in export business and expenses, with a revenue of 2.03 billion yuan in 2024, down 3.7% year-on-year, and a net profit of 160 million yuan, down 33.1% year-on-year [2][11][16] Financial Performance - In 2024, Jingzhu Technology reported a revenue of 2.03 billion yuan, a decrease of 3.7% year-on-year, and a net profit of 160 million yuan, down 33.1% year-on-year. The net profit excluding non-recurring items was 120 million yuan, down 41.2% year-on-year [2][11][16] - For Q4 2024, the revenue was 560 million yuan, a decrease of 6.7% year-on-year but an increase of 21.3% quarter-on-quarter. The net profit was 40 million yuan, down 12.0% year-on-year but up 93.7% quarter-on-quarter [2][11][16] - In Q1 2025, the company achieved a revenue of 510 million yuan, an increase of 1.6% year-on-year but a decrease of 8.2% quarter-on-quarter. The net profit was 40 million yuan, down 14.9% year-on-year and down 7.9% quarter-on-quarter [2][11][16] Cost Management - In Q1 2025, the sales, management, and R&D expense ratios were 0.8%, 6.8%, and 6.0%, respectively, showing slight year-on-year and quarter-on-quarter changes. The gross profit margin was 24.3%, down 3.1 percentage points year-on-year but up 1.6 percentage points quarter-on-quarter [4][3][11] Business Expansion - The company is expanding its product categories from single gear supply to differential assembly supply, while also venturing into reducer gears and lightweight chassis business. It has secured orders from domestic brands, new forces, Volvo, and major North American clients [6][5] - The overseas expansion includes a factory in Thailand expected to begin small-scale trial production in June 2025, with mass supply planned for the second half of 2025. Future plans also include establishing a production base in North Africa [6][5] Robotics Sector - The company is actively advancing its robotics intelligent joint module business, collaborating with Tianjin Aima Automation to establish a joint venture. The internal team is progressing as planned, leveraging its gear forging capabilities and customer base for advancements in the robotics sector [8][7]