Financial Performance - In 2024, the company reported operating revenue of 7.91 billion, a year-on-year increase of 97.70% [2] - The net profit attributable to shareholders reached 670.34 million, reflecting a year-on-year growth of 1139.15% [2] - The net profit after deducting non-recurring gains and losses was 657.61 million, with a year-on-year increase of 1546.71% [2] - For Q4 2024, the operating revenue was 2.38 billion, up 45.60% year-on-year and 12.66% quarter-on-quarter [1] - The net profit for Q4 was 232 million, showing a year-on-year increase of 201.94% and a quarter-on-quarter increase of 26.47% [1] Profitability Metrics - The gross margin for 2024 was 17.49%, an increase of 4.67 percentage points year-on-year [3] - The net profit margin was 8.47%, up 7.12 percentage points year-on-year [3] Expense Analysis - Total operating expenses for 2024 were 561 million, an increase of 130 million year-on-year [3] - The expense ratio was 7.09%, a decrease of 3.69 percentage points year-on-year [3] - Sales expenses increased by 68.80%, management expenses by 48.21%, R&D expenses by 23.46%, and financial expenses by 3.18% [3] Business Segmentation - The main business of the company is in automotive components, with a gross margin increase of 5.55 percentage points year-on-year [3] - By product, the gross margins for complete harnesses, engine harnesses, and other harnesses increased by 5.67, 4.72, and 3.68 percentage points respectively [3] - By region, the gross margins for domestic and overseas revenues increased by 5.64 and 2.74 percentage points respectively [3] Company Background - The company was established on March 31, 1997, and was listed on August 18, 2020 [3]

Core Viewpoint - The company's performance for 2024 and Q1 2025 meets expectations, with significant revenue growth driven by new energy projects and increased orders from major clients [1][2]. Financial Performance - In 2024, the company achieved revenue of 7.914 billion yuan, a year-on-year increase of 98%, and a net profit attributable to shareholders of 670 million yuan, showing substantial growth [1]. - For Q4 2024, revenue reached 2.382 billion yuan, up 46% year-on-year and 13% quarter-on-quarter, with a net profit of 232 million yuan, reflecting a year-on-year increase of 202% and a quarter-on-quarter increase of 27% [1]. - In Q1 2025, revenue was 1.543 billion yuan, a year-on-year increase of 1% but a quarter-on-quarter decrease of 35%, with a net profit of 93 million yuan, down 8% year-on-year and 60% quarter-on-quarter [1]. Business Development Trends - The new energy sector significantly boosted revenue, with the company's complete harness, engine harness, and other harness businesses generating revenues of 6.878 billion, 172 million, and 658 million yuan respectively in 2024, reflecting year-on-year growth of 129.5%, 17.4%, and a decline of 9.8% [2]. - Major client sales, particularly from Saiers, surged by 264.6% to 389,776 units, contributing to a sustained increase in orders [2]. - Domestic and international revenues for 2024 were 7.480 billion and 228 million yuan, showing year-on-year growth of 96.6% and 229.4% respectively [2]. Profitability and Cash Flow - The gross margin for Q4 2024 was 17.9%, up 3.4 percentage points year-on-year but down 2.6 percentage points quarter-on-quarter; Q1 2025 gross margin was 14.4%, up 0.4 percentage points year-on-year but down 3.5 percentage points quarter-on-quarter [3]. - The operating cash flow for 2024 increased by 36% to 387 million yuan, benefiting from improved revenue scale and customer payment conditions [3]. - The company achieved a historical low in the period expense ratio of 5.8% in Q4 2024, contributing to a net profit margin increase of 5.0 percentage points year-on-year and 1.1 percentage points quarter-on-quarter to 9.7% [3]. Strategic Outlook - The company is accelerating its global layout and technology upgrades, with a factory in Romania securing contracts with European automotive clients, enhancing regional market profitability [3]. - The company is developing a comprehensive solution for high-voltage connectors and integrated connectors, which is expected to create new growth points [3]. Earnings Forecast and Valuation - Due to a slowdown in sales growth from core new energy clients, the net profit forecast for 2025 has been revised down by 9.3% to 806 million yuan, with a new forecast for 2026 net profit at 1.015 billion yuan [4]. - The current stock price corresponds to a price-to-earnings ratio of 17.3 times for 2025 and 13.7 times for 2026, with a target price adjustment down by 9.7% to 42.00 yuan, indicating a potential upside of 31.4% from the current stock price [4].