Core Viewpoint - The company reported mixed financial results for 2024 and Q1 2025, with revenue growth stagnating and net profit declining significantly, indicating challenges in traditional business segments while exploring new growth areas in smart electric and non-automotive sectors [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 11.167 billion yuan, a year-on-year increase of 0.67%, while net profit decreased by 9.68% to 1.660 billion yuan [1]. - For Q1 2025, revenue was 2.834 billion yuan, down 2.38%, and net profit fell sharply by 35.46% to 354 million yuan [1]. Business Segment Analysis - The fuel injection system, a core traditional business, saw revenue decline by 8.52% to 4.645 billion yuan due to reduced demand for traditional fuel vehicles amid the electric vehicle trend [2]. - The automotive after-treatment system reported a revenue increase of 1.99% to 3.477 billion yuan, with an improved gross margin from 12.52% to 15.11% [2]. - The intake system benefited from the hybrid market, achieving a significant revenue growth of 43.93% to 0.954 billion yuan, although its gross margin decreased from 22.42% to 19.52% [2]. Profitability Trends - The company's gross margin for 2024 was 18.18%, a slight increase of 0.67 percentage points, while the net margin decreased by 1.87 percentage points to 15.38% [3]. - In Q1 2025, the gross margin was 17.67%, down 0.86 percentage points, and the net margin fell by 6.91 percentage points to 12.92% [3]. Strategic Initiatives - The company is actively expanding into smart electric and non-automotive sectors, establishing a joint venture with Baolong Technology to develop full-active suspension motor hydraulic pump business [3]. - A strategic cooperation agreement was signed with Bosch China to enhance collaboration in automotive intelligence, hydrogen energy, and humanoid robotics, among other areas [4]. Investment Outlook - In the short term, the company’s traditional business remains stable, while new smart electric initiatives are expected to enter a phase of order release, leading to a potential upward trend in overall performance [5]. - For the medium to long term, the company aims to increase external collaborations and diversify its business ecosystem, which may open new growth opportunities [5].

Investment Rating - The report assigns an "Accumulate-A" rating for the company, marking its first coverage [1][8]. Core Views - The company is experiencing short-term profit pressure but is accelerating the construction of a new ecosystem in the smart electric and industrial sectors [2][4]. - The traditional core business of automotive fuel injection systems has seen a decline in revenue due to the shift towards electric vehicles, while the intake system business has benefited from the rapid growth in hybrid vehicle sales [4][5]. - The company is actively expanding into smart electric and non-automotive sectors, aiming to build a diversified business ecosystem for sustainable growth [5][7]. Financial Performance Summary - In 2024, the company achieved a revenue of 11.167 billion yuan, a year-on-year increase of 0.67%, while the net profit attributable to shareholders was 1.660 billion yuan, a decrease of 9.68% [3][4]. - For Q1 2025, the company reported a revenue of 2.834 billion yuan, down 2.38% year-on-year, and a net profit of 354 million yuan, down 35.46% year-on-year [3][4]. - The gross margin for 2024 was 18.18%, an increase of 0.67 percentage points year-on-year, while the net margin was 15.38%, a decrease of 1.87 percentage points year-on-year [5][10]. Business Segment Analysis - The automotive fuel injection system segment generated revenue of 4.645 billion yuan in 2024, a decline of 8.52% year-on-year, while the automotive after-treatment system saw revenue of 3.477 billion yuan, a growth of 1.99% [4]. - The intake system business experienced significant growth, with revenue reaching 954 million yuan, a substantial increase of 43.93% year-on-year, despite a decline in gross margin from 22.42% to 19.52% [4][5]. Future Outlook - The company is expected to see revenue growth in the coming years, with projected revenues of 11.854 billion yuan in 2025, 12.848 billion yuan in 2026, and 14.085 billion yuan in 2027 [8][10]. - The net profit attributable to shareholders is forecasted to be 1.410 billion yuan in 2025, 1.460 billion yuan in 2026, and 1.824 billion yuan in 2027 [8][10]. - The company is focusing on external collaborations and expanding into non-automotive sectors, which is anticipated to open new growth opportunities [5][8].

Event Overview - The 9th International Hydrogen Energy and Fuel Cell Vehicle Conference (FCVC2025) will be held in Shanghai from June 18 to June 20, 2025, focusing on the theme "Building Consensus, Overcoming Challenges, and Promoting Industrial Scale Development" [1] - The event will feature a comprehensive agenda including opening ceremonies, main forums, specialized forums, and industry exchange meetings, along with a three-day technical exhibition [1] Industry Insights - Long-term policies supporting hydrogen energy in China are driving the continuous development of the hydrogen industry, with an increase in electrolyzer bidding projects and advancements in hydrogen production technology [2] - The Ministry of Industry and Information Technology has outlined tasks for hydrogen-powered two-wheelers, which will facilitate early application promotion and future large-scale deployment [2] Historical Performance - The Beijing State-owned Assets Supervision and Administration Commission has identified the hydrogen industry as a key focus for the 14th Five-Year Plan, leading to significant stock movements in companies like Jingcheng股份 and others [3] Related Companies - Notable exhibitors at the conference include companies such as 安达智能, 中材科技, 科威尔, 中联重科, 威孚高科, 中自科技, and 西部材料 [5] - Companies like 更到集团, 亿华通, 国鸿和能, 致远新能, 未努能源, 捷氢科技, and 潍柴动力 are making significant advancements in hydrogen fuel cell technology and production capacity [6]

Core Viewpoint - Weifu High-Tech has established a joint venture to enhance its business in the fully active suspension system sector, leveraging its technological advantages and distribution channels [1][2]. Group 1: Joint Venture Details - Weifu High-Tech's subsidiary, Weifu Jinning, will invest 220 million yuan (approximately 32.1 million USD) for a 55% stake in the newly formed Weifu Baolong Technology Co., Ltd., while Baolong Technology will invest 180 million yuan (approximately 26 million USD) for a 45% stake [1]. - The joint venture aims to synergize Weifu Jinning's fully active suspension motor hydraulic pump technology with Baolong Technology's suspension system distribution advantages to maximize commercial benefits for both shareholders [2]. Group 2: Company Background and Financials - Weifu High-Tech, originally established in 1958, focuses on the research, production, and sales of core automotive components, with its automotive parts business generating 11.01 billion yuan (approximately 1.58 billion USD) in revenue in 2024, accounting for 98.6% of total revenue [2]. - The company has significantly increased its R&D investment, with expenditures of 582 million yuan, 668 million yuan, and 690 million yuan from 2022 to 2024, totaling 1.94 billion yuan (approximately 280 million USD) over three years [2]. - Despite the increase in R&D spending, Weifu High-Tech faces challenges due to intensified market competition and declining investment income, with revenues of 11.17 billion yuan and 2.834 billion yuan in 2024 and Q1 2025, reflecting year-on-year changes of 0.67% and -2.38% respectively [3].

Group 1 - Huiyu Pharmaceutical's subsidiary received drug registration certificate for Carboxymethyl Sodium Injection, which is used for treating bleeding diseases in various medical fields [1] - Baihe Co., Ltd. announced a plan for a director to reduce holdings by up to 424,000 shares, representing 0.6625% of the total share capital [1] - Kingood Co., Ltd. received a notification from a global leading automaker for a wheel project, expected to start mass production in 2026 with a lifecycle of 10 years [1][2] Group 2 - Wanhua Chemical plans to repurchase shares worth between 300 million and 500 million yuan, with a maximum repurchase price of 99.36 yuan per share [2] - Warner Pharmaceutical's subsidiary received approval for Acetylcysteine raw material drug, primarily used for treating respiratory diseases [3] - ST Mingcheng plans to publicly transfer 45% equity of its subsidiary, aiming to optimize asset structure [4] Group 3 - Qixia Construction announced a plan to reduce up to 31.5 million shares, accounting for 3% of total share capital [5][6] - Zhejiang Rongtai intends to invest 20 million yuan to establish a wholly-owned subsidiary focused on intelligent robotics [7] - Yuandong Biological received drug registration for Chloral Hydrate Enema, used for sedation and seizure control in children [9] Group 4 - Jiemai Technology's subsidiary signed a strategic cooperation agreement with a solid-state battery company to produce high-safety composite conductive materials [10] - Xianju Pharmaceutical received drug registration for Progesterone Soft Capsules, used for treating functional disorders due to luteal deficiency [11] - Lanhua Kecai's subsidiary reported a temporary production halt, with the resumption date yet to be determined [13] Group 5 - Sinopharm Modern's subsidiary received drug registration for Tocilizumab Tablets, used for treating rheumatoid arthritis and other conditions [15] - Shanghai Bank announced the resignation of its vice president due to organizational adjustments [17] - Shanghai Pharmaceutical's Ephedrine Injection passed the consistency evaluation for generic drugs [19] Group 6 - Rundu Co., Ltd. received drug registration for Amlodipine and Olmesartan Tablets, aimed at treating hypertension [21] - Zhong'an Technology announced that 61 million shares held by its controlling shareholder will be auctioned [23] - Shanghai Washba plans to purchase patent assets and establish two subsidiaries focused on hydrogen energy and solid-state battery technologies [25] Group 7 - Nuo Cheng Jianhua's new drug Tafasitamab received approval for treating relapsed/refractory diffuse large B-cell lymphoma [26] - Benli Technology plans to use up to 200 million yuan of idle funds for cash management and financial investments [28] - Taiji Co., Ltd. intends to use 60 million yuan of idle funds to purchase financial products [29] Group 8 - Haishi Co. announced that its innovative drug Anreke Fen Injection received drug registration for treating postoperative pain [32] - Yulong Co. will have its stock delisted on May 27, 2025, following a decision by the Shanghai Stock Exchange [36] - Weifu High-Tech plans to establish a joint venture with Shanghai Baolong Automotive Technology [38] Group 9 - Xichang Electric Power expects a net profit reduction of approximately 5.4 million yuan due to adjustments in the time-of-use electricity pricing mechanism [39] - Alter signed a contract worth 6.8 billion yen for the development and procurement of large truck EV kits [41] - Zhonglian Heavy Industry plans to acquire controlling stakes in its financing leasing subsidiary through public bidding [42] Group 10 - Sanyou Medical's executive plans to reduce holdings by up to 1.44% of the company's shares [43] - Hangyang Co. plans to establish a subsidiary for large modular cryogenic equipment manufacturing with an estimated investment of 557 million yuan [44] - FAW Fuwi received a notification for a dashboard project from a well-known new energy brand, with total sales expected to reach 1.06 billion yuan [45]

Market Overview - US stock market experienced a pause in its upward trend, with the Dow Jones down 0.27%, S&P 500 down 0.39%, and Nasdaq down 0.38% [1] - The technology sector faced declines, particularly after Google's I/O developer conference, with only Tesla seeing gains among the major tech companies [1] - The Chinese concept stocks index fell for two consecutive days, although Xiaomi rose over 4% [1] Commodity and Currency Movements - The US dollar weakened, contributing to a 2% increase in gold prices, which surpassed $3300 per ounce [2] - Crude oil prices rose over 2%, influenced by reports of Israel preparing to attack Iranian nuclear facilities [2] Corporate Developments - Elon Musk stated he would remain Tesla's CEO for at least another five years unless he "dies," and confirmed plans for Robotaxi to launch in Austin, Texas by the end of June [3] - Apple plans to unveil a new AI app strategy at its WWDC event on June 9, allowing third-party developers to access large language models [4] - The first blood test for Alzheimer's disease received FDA approval and is set to launch in the US next month [5] Regulatory and Economic Updates - Brazil confirmed its first case of highly pathogenic avian influenza, leading China and the EU to suspend imports of Brazilian poultry products [6] - Multiple banks in China have lowered fixed deposit rates, with some large-denomination certificates of deposit now in the "1" range [7] - The Ministry of Finance reported that stamp duty on securities transactions reached 53.5 billion yuan from January to April, a year-on-year increase of 57.8% [8] - China's gold imports surged 73% in April, reaching an 11-month high [8] Technology and Innovation Initiatives - The Central Internet Information Office and other departments issued guidelines for advancing IPv6 deployment, aiming for 850 million active users and 1.1 billion IoT connections by the end of 2025 [12] - Zhejiang province introduced measures to support AI innovation, targeting a revenue of over 1 trillion yuan in the AI core industry by 2027 [11] Mergers and Acquisitions - Darui Electronics plans to acquire an 80% stake in Wistad, focusing on carbon fiber materials [16] - Jiewate intends to acquire a 40.89% stake in Tianyi Hexin for 319 million yuan, enhancing its signal chain product line [16] - Weiling Co. won a bid for a 74.3% stake in Jiayu Mining for 220 million yuan, expanding into non-ferrous metal resources [16]

Group 1 - Zhaoyi Innovation plans to issue H-shares and list on the Hong Kong Stock Exchange, considering the interests of existing shareholders and market conditions [3] - ST Zhongdi has decided to abandon the commercial opportunity for the Jiageng Ke Yi City land project, with the controlling shareholder planning to develop the project instead [4] - Xichang Electric Power expects a reduction of approximately 5.4 million yuan in net profit for 2025 due to adjustments in the time-of-use electricity pricing mechanism [5] Group 2 - Sanfu New Materials intends to invest 620 million yuan in a project for high-safety dry electrode battery key materials and high-frequency electronic information composite materials [6] - Weifu High-Tech's subsidiary plans to establish a joint venture with Baolong Technology to expand the active suspension motor hydraulic pump business [7] - Yulong Co., Ltd. will have its stock delisted on May 27, 2025, following a decision by the Shanghai Stock Exchange [8] Group 3 - Chen'an Technology's shareholder is transferring 6.27% of the company's shares to Hefei Guotou, aiming to introduce strategic investors [9] - Huamao Technology is planning to acquire a 100% stake in Fuchuang Youyue, with stock trading suspended for up to 10 trading days [11] - Baolong Technology's subsidiary will collaborate with Weifu High-Tech's subsidiary to develop core components for the active suspension system [12] Group 4 - Zhongnong Lihua intends to acquire at least 50% of Taizhou Agricultural Supplies, enhancing its product and service range [13] - Weiling Co., Ltd.'s subsidiary has successfully acquired 74.3% of Jiayu Mining for 220 million yuan, focusing on expanding into the non-ferrous metal resource sector [14][15] - Hengshi Technology's subsidiary has been approved for public transfer of shares on the New Third Board [16] Group 5 - Xiang Teng New Materials plans to acquire an additional 12.5% stake in its subsidiary Shanghai Shangda for 25.3 million yuan [17] - ST Texin has extended its employee stock ownership plan by 12 months, reflecting confidence in the company's long-term development [18] - Baili Electric has issued a risk warning regarding its stock price increase, indicating no significant changes in fundamentals [19] Group 6 - Hu Silicon Industry plans to acquire minority stakes in three semiconductor companies for approximately 7.04 billion yuan [20][21] - Demais plans to change its controlling shareholder, leading to a temporary suspension of stock trading [22] - FAW Fuwei has received a notice from a well-known new energy brand for a project expected to generate 1.06 billion yuan in total sales over its lifecycle [23] Group 7 - Hangyang Co. plans to establish a subsidiary for a large modular cryogenic equipment manufacturing project with an estimated investment of 557 million yuan [24] - Jiewate intends to acquire 40.89% of Tianyi Hexin for 319 million yuan, enhancing its product line in the signal chain category [25] - Dingxin Communications has elected a new chairman following the resignation of the previous chairman [26][27] Group 8 - Aofei Entertainment plans to invest 10 million yuan in a partnership to indirectly invest in AI robotics company Xuan Yuan Technology [28] - Huaxi Energy's controlling shareholder has been detained, but the company states that operations remain normal [29] - Yihe Jiaye will change its stock name to "Ruimaite" starting May 21 [30] Group 9 - Zhongjin Environment will change its name to "Southern Pump Industry" effective May 21 [31] - Hong Sifang's subsidiary plans to invest approximately 1.49 billion yuan in a new chemical materials and fertilizers industrial park [32] - Buchang Pharmaceutical's subsidiary has signed a research agreement for MF59 adjuvant with a pharmaceutical company [33] Group 10 - Hongjing Technology has signed a service contract worth 597 million yuan for a smart computing project [34] - Zhuojin Co. has won a bid for a soil remediation project worth 67.68 million yuan [35] - Xinjiang Jiaojian has been awarded a contract for a highway project valued at 451 million yuan [36] Group 11 - China National Materials Energy's subsidiary has signed a contract for an EPC project in Uzbekistan worth approximately 1.252 billion yuan [37] - Ruixin Microelectronics' shareholder plans to reduce its stake by up to 2% [38] - Shanghai Yizhong's shareholder also plans to reduce its stake by up to 2% [39] Group 12 - Sanyou Medical's controlling shareholder plans to reduce its stake by up to 1.44% [40] - Hangdian Co.'s controlling shareholder plans to reduce its stake by up to 1.93% [41] - Shangwei New Materials' shareholder plans to reduce its stake by up to 3% [42] Group 13 - Mingchen Health plans to repurchase shares worth between 30 million and 50 million yuan [43] - Jiuhua Tourism plans to raise up to 500 million yuan through a private placement for various projects [44] - Yuegui Co. plans to raise up to 900 million yuan for several projects [46]

Group 1 - Zhaoyi Innovation plans to issue H-shares and list on the Hong Kong Stock Exchange, considering the interests of existing shareholders and market conditions [3] - ST Zhongdi has decided to abandon the commercial opportunity for the Jiageng Science and Art City land project, which has an area of 108,600 square meters and a starting price of 2.067 billion yuan [4] - Xichang Electric Power expects a reduction of approximately 5.4 million yuan in net profit for 2025 due to adjustments in the time-of-use electricity pricing mechanism [5] Group 2 - Sanfu New Technology plans to invest 620 million yuan in a project for high-safety dry electrode battery key materials and high-frequency electronic information composite materials, with production expected to start in June 2025 [6] - Weifu High-Tech's subsidiary will establish a joint venture with Baolong Technology to expand the business of fully active suspension motor hydraulic pumps, with a registered capital of 400 million yuan [7] - Yulong Co., Ltd. will have its stock delisted on May 27, 2025, following a decision by the Shanghai Stock Exchange [8] Group 3 - Chensan Technology's shareholder Shanghai Ruiwei will transfer 14.58 million shares, representing 6.27% of the company, to Hefei Guotou, with the transfer price set at 17.7 yuan per share [10] - Huamao Technology is planning to acquire a 100% stake in Fuchuang Youyue, currently holding 42.16% of the company, with stock trading suspended for up to 10 days [11] - Baolong Technology's subsidiary will partner with Weifu High-Tech's subsidiary to develop and mass-produce core components for fully active suspension systems [12] Group 4 - Buchang Pharmaceutical's subsidiary has signed a commissioned research agreement with Fubicheng Pharmaceutical for the MF59 emulsion adjuvant [14] - Hongjing Technology has signed a service contract worth 597 million yuan for a smart computing project, with a duration of five years [15] - Zhuojin Co., Ltd. has won a bid for a soil remediation project worth 67.68 million yuan, with an expected share of approximately 59.9 million yuan [16] - Xinjiang Jiaojian has been awarded a contract for the G3013 line Ucha to Kangsou highway project, with a bid amount of 451 million yuan [17] Group 5 - Mingchen Health plans to repurchase shares worth between 30 million and 50 million yuan for employee stock ownership plans, with a maximum repurchase price of 23 yuan per share [19]

Group 1 - Hongjing Technology signed a service contract for an intelligent computing project with a total amount of 597 million yuan, valid for 5 years [1] - Weifu High-Tech's subsidiary invested 220 million yuan to establish a joint venture with Shanghai Baolong Automotive Technology [2] - Zhongshan Public received approval for the registration of short-term financing bonds amounting to 2 billion yuan and medium-term notes of 3 billion yuan [3] Group 2 - Lianhua Technology established a venture capital fund with a total commitment of 200 million yuan, contributing 100 million yuan as a limited partner [4] - Changan Technology's shareholder signed an agreement to transfer 6.27% of the company's shares to Hefei State Capital Venture Investment [6] - Hangzhou Garden announced a cash dividend of 0.5 yuan per 10 shares, totaling 6.62 million yuan [8] Group 3 - Huamao Technology plans to acquire 100% equity of Fuchuang Youyue, leading to a temporary suspension of its stock [9] - Zhuojin Co. won a bid for a soil remediation project in Hefei with a contract value of 67.68 million yuan [10] - Shanghai Pharmaceuticals received FDA approval for two drugs, enhancing its product portfolio [10] Group 4 - Fuxing Pharmaceutical's senior vice president resigned for personal reasons [12] - Baolong Technology's subsidiary plans to invest 180 million yuan in a joint venture [13] - ST Zhongdi intends to utilize surplus funds from a project company, with a maximum of 106 million yuan [14] Group 5 - Nanchao Food reported a significant decline in net profit for April, down 82.14% year-on-year [16] - Changshan Pharmaceutical received a drug registration certificate in Belarus for a new product [18] - Nanshan Aluminum established a wholly-owned subsidiary for photovoltaic energy projects with an investment of 5 million yuan [20] Group 6 - Bozhong Precision announced the resignation of a director and deputy general manager [22] - Xinjiang Jiaojian won a bid for a highway construction project valued at 451 million yuan [23] - Guangzhou Restaurant declared a cash dividend of 0.48 yuan per share, totaling 273 million yuan [25] Group 7 - Weili Medical's subsidiary obtained a medical device operating license, allowing it to engage in wholesale activities [27] - New Australia Co. announced a cash dividend of 0.3 yuan per share, totaling 219 million yuan [28] - Lianhua Technology's subsidiary entered the new third board innovation layer [29] Group 8 - Huaxi Energy's chairman resigned due to personal reasons [31] - Yipin Hong plans to use up to 500 million yuan of idle funds for cash management [33] - Shouhua Gas intends to purchase bauxite resources through market means [34] Group 9 - Jincheng signed a service agreement for underground mining operations at the Komakau Copper Mine, valued at approximately 805 million USD [34] - Wanrun New Energy signed a supply contract with CATL for lithium iron phosphate products, with a total supply of about 1.32 million tons [35] - Weili plans to transfer 100% equity of a subsidiary to Chengfa Environment for 100 million yuan [36] Group 10 - Zhenlei Technology's subsidiary received government subsidies of 2.21 million yuan, positively impacting profits [38] - Weir shares plan to change their name to "Haowei Group" to reflect strategic direction [39] - YTO Express reported a revenue increase of 16.32% in April, totaling 5.755 billion yuan [39]

Core Viewpoint - The article discusses the rapid growth of plug-in hybrid electric vehicles (PHEVs) in the automotive market, highlighting the significant increase in their sales proportion within the new energy vehicle segment, which is expected to reach 40% in 2024, up 17 percentage points from 2022 [3][10]. Group 1: Company Overview - Longsheng Technology (300680.SZ) is a company involved in the PHEV sector, experiencing rapid growth over the past seven years, with its stock price reaching new highs in the secondary market [8][9]. - The company was founded in 2004 and is recognized as a national "specialized, refined, distinctive, and innovative" small giant enterprise, with its controlling shareholders being the Ni family, who hold 29.38% of the shares [12][13]. - Longsheng Technology's business has evolved from a focus on commercial diesel engine exhaust gas recirculation (EGR) systems to a diversified manufacturing service provider across multiple sectors, including new energy vehicles [15][18]. Group 2: Financial Performance - The company has achieved a compound annual growth rate (CAGR) of 51.4% in revenue from 2018 to 2023, with revenue of 1.64 billion yuan in the first three quarters of 2024, reflecting a growth of 38.5% [19][20]. - The net profit attributable to the parent company has increased significantly, with projections for 2024 indicating a net profit of 210 to 240 million yuan, representing a year-on-year growth of 43% to 63% [22][24]. - In 2023, the revenue from the new energy business reached 940 million yuan, accounting for 52% of total revenue, with expectations for further growth in 2024 [26]. Group 3: Business Segments - The company operates three main business segments: EGR systems, new energy vehicle drive motor cores, and precision automotive components, with EGR systems contributing the most to profits while new energy vehicle components generate the highest revenue [27][28]. - The EGR product segment is projected to account for 34% of revenue in the first half of 2024, while new energy vehicle components are expected to contribute 43% [28]. - The market for EGR products is relatively small, with projections indicating a potential market size of 3.22 billion yuan by 2027, growing at a CAGR of 15.6% from 2024 to 2027 [32]. Group 4: Market Dynamics - The demand for drive motor cores is expected to grow significantly, driven by the increasing number of electric vehicles and hybrid models, with the market for motor cores projected to reach 11.33 billion yuan by 2027, growing at a CAGR of 26.2% [41][42]. - The company has a concentrated customer base, with the top five customers accounting for 65% of total sales in 2023, indicating a reliance on major clients for revenue [50][51]. - The overall gross margin has declined by 7.7 percentage points from 2021 to 2022, primarily due to the lower margins in the new energy segment, with the gross margin for the EGR segment at 24.5% and for new energy components at 11.9% in the first half of 2024 [53][55].