Core Viewpoint - The company reported strong financial performance for 2024, with revenue and net profit growth, while facing challenges in specific business segments in early 2025 [1][3][4] Financial Performance - In 2024, the company achieved revenue of 5.968 billion yuan, a year-on-year increase of 29.0%, and a net profit of 772 million yuan, up 26.8% year-on-year [1] - The fourth quarter of 2024 saw revenue of 1.695 billion yuan, an 18.4% increase year-on-year, but a 29.5% decrease in net profit compared to the previous quarter [1] - For Q1 2025, revenue decreased by 3.0% to 1.374 billion yuan, and net profit fell by 6.0% to 206 million yuan [1] Profitability Metrics - The gross margin for 2024 was 29.0%, down 0.5 percentage points year-on-year, while Q4 2024 gross margin improved to 28.3% [2] - In Q1 2025, the gross margin further declined to 27.0%, a decrease of 5.0 percentage points year-on-year [2] - Operating cash flow showed significant improvement, with a net cash flow of 687 million yuan in 2024, up 58.8% year-on-year, and 290 million yuan in Q1 2025, up 88.8% [2] Business Segments - The company’s lighting control, motor control systems, and automotive electronics businesses generated revenues of 2.890 billion, 965 million, and 884 million yuan in 2024, respectively, with growth rates of 22.2%, 21.4%, and 15.8% [3] - In Q1 2025, the lighting control business faced a decline of 10.7%, while the motor control systems and automotive electronics businesses grew by 7.8% and 5.3% [3] - Energy management products showed strong growth, with revenues of 832 million yuan in 2024 and 160 million yuan in Q1 2025, representing increases of 92.9% and 6.6% year-on-year [3] Strategic Initiatives - The company is advancing its globalization strategy, with 15% of new projects being overseas, and expects over 60% of lifecycle sales from these projects [4] - Plans are in place to establish manufacturing facilities in Europe and North America by mid-2025 to support new projects and enhance market share [4] - The company aims to diversify its customer base, increasing sales to major clients like Mercedes-Benz, BMW, and new energy vehicle manufacturers [4]

二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 6751.16万股，累计占流通股比： 35.73%，较上期变化： -97.48 万股。 | 名称 持有数量(万股) | | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 新余东裕投资合伙企业(有限合伙) | 1452.62 | 7.69 | 不变 | | 马汇洋 | 1186.43 | 6.28 | 不变 | | 上海聚澄创业投资合伙企业(有限合伙) | 689.90 | 3.65 | -24.98 | | 上海泓成创业投资合伙企业(有限合伙) | 688.84 | 3.65 | -24.02 | | 余强华 | 589.49 | 3.12 | -47.50 | | 罗军 | 550.41 | 2.91 | 不变 | | 刘少容 | 479.08 | 2.54 | 不变 | | 陈梓佳 | 475.01 | 2.51 | -18.01 | | 葛协东 | 320.00 | 1.69 | 新进 | | 刘奕 | 319.38 | 1.69 | -0.80 | | 较上个报告期退出前十大股东有 | ...

万安科技（002590）公告，2025年第一季度营业收入9.39亿元，同比增长15.15%。净利润3039.16万 元，同比增长46.69%。 ...

亚太股份（002284）公告，2025年第一季度营收为12.58亿元，同比增长23.15%；净利润为1亿元，同比 增长65.35%。 ...

Core Viewpoint - The company is impacted by the U.S. tariffs on products exported from China and Germany, including valve stems, exhaust system components, balance weights, and other aftermarket parts, as well as equipment and tooling [1] Group 1: Valve Stems - The valve stems are manufactured by the company's domestic subsidiary and exported to the U.S. for assembly at the DILL factory, which benefits from lower tariffs compared to complete exports [1] - The company primarily targets the North American aftermarket (AM) market, which has a higher gross margin compared to the OEM market [1] - DILL has a strong market presence and long-term relationships with major North American retail and service chains, maintaining high gross margins despite tariff impacts [1] Group 2: Exhaust System Components - The company faced a 25% tariff on exhaust system components during the first round of the trade war in 2018, which was largely absorbed by downstream customers [1] - In 2023, the U.S. has increased tariffs on Chinese exports by a cumulative 54%, prompting the company to engage closely with North American customers to pass on tariff costs [1] - The company is assessing the impact of tariffs from different countries for long-term overseas manufacturing and supply chain development [1] Group 3: TPMS Products - The company is subject to a 20% tariff on TPMS products exported from Germany to the U.S. [1] - The company is accelerating the establishment of a TPMS assembly plant at its U.S. subsidiary DILL to expand its OEM business in North America [1] - The main competitor in the North American TPMS OEM market is Sensata, which has production capacity in Mexico, with uncertainty regarding compliance with USMCA local value-added requirements [1]

滁州多利汽车科技股份有限公司 2019 年-2022 年 6 月审计报告 中国杭州市钱江新城新业路 8号 UDC 时代大厦 A座 5-8 层、12 层、23 层 Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road，Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 www.zhcpa.cn 4-1-1 010 目 录 | | 页 次 | | --- | --- | | 一、审计报告 | 1-5 | | 二、财务报表 | 6-21 | | (一) 合并资产负债表 | 6-7 | | (二) 合并利润表 | 8 | | (三) 合并现金流量表 | 9 | | (四) 合并所有者权益变动表 | 10-13 | | (五) 母公司资产负债表 | 14-15 | | (六) 母公司利润表 | 16 | | (七) 母公司现金流量表 | 17 | | (八) 母公司所有者权益变动表 | 18-21 | | 三、财务报表附注 | 22-211 | 中国杭州市钱江新城新业路 8号U ...