Core Insights - Hengbo Co., Ltd. reported a revenue of 865 million yuan for 2024, representing a year-on-year growth of 10.15% [1] - The net profit reached 131 million yuan, with a year-on-year increase of 14.23% [1] - Basic earnings per share were 1.29 yuan, reflecting a growth of 1.57% year-on-year [1] Business Overview - The company's core business includes the R&D and production of intake systems for internal combustion engines and hybrid vehicles, fuel evaporation systems, thermal management systems for new energy vehicles, and cathode filtration systems for hydrogen fuel cells [1] - The traditional intake system business remains a stable revenue contributor, supported by market expansion and product optimization [1] New Energy Vehicle Developments - Hengbo Co., Ltd. has made significant progress in thermal management systems for new energy vehicles, which have become a new growth point for performance [1] - Products such as cooling water tanks and expansion tanks have achieved mature mass production, with major clients including GAC Group and Geely Group [1] - The company is also developing products like water-side diverters and coolant fluid modules, having secured 13 project development qualifications, with 7 already in mass production [1] R&D Investment - In 2024, the R&D expenditure reached 52.59 million yuan, a year-on-year increase of 15.05%, accounting for 6.08% of total revenue [2] - The company has consistently increased R&D investment over the past three years, focusing on various systems including ICE, HEV, fuel evaporation, and hydrogen fuel cell technologies [2] Hydrogen Energy Initiatives - Hengbo Co., Ltd. is advancing the application of hydrogen fuel cell components in medium and heavy-duty vehicles, exploring the market for hydrogen fuel cell passenger and commercial vehicles [2] - The company has developed key filtration efficiency parameters for fuel cell cathode filters and is testing new materials to enhance product performance [2] International Expansion - The company has successfully completed registration and land acquisition for a factory in Japan, with production expected to commence in 2025 [3] - This factory aims to reduce raw material costs and improve product quality while expanding into the Japanese and surrounding markets [3] - In Southeast Asia, the company has completed preliminary preparations for a project in Malaysia and is planning to establish a manufacturing network centered around Singapore, covering Malaysia, Thailand, and Indonesia [3]