Financial Performance - In 2024, the company reported total revenue of 5.667 billion yuan, representing a year-on-year increase of 23.23% [1] - The net profit attributable to shareholders was 425 million yuan, a decrease of 121 million yuan compared to the same period last year, reflecting a year-on-year decline of 22.08% [1] - The net cash inflow from operating activities was 263 million yuan [1] Key Financial Ratios - The company's asset-liability ratio stood at 50.05% [1] - Gross profit margin was recorded at 15.33% [1] - Return on equity (ROE) was 8.21% [1] - The diluted earnings per share (EPS) was 1.12 yuan, down by 0.32 yuan from the same period last year, indicating a year-on-year decline of 22.22% [1] - Total asset turnover ratio was 0.55 times, while inventory turnover ratio was 6.33 times [1] Research and Development - The total R&D expenditure for the company in 2024 was 211 million yuan, accounting for 3.72% of total revenue, which is a decrease of 0.11% compared to the previous year [1] Executive Compensation - The total remuneration for the board of directors, supervisors, and senior management in 2024 amounted to 14.7024 million yuan [2] - The highest-paid executive was Vice President Qin Hongwei, who received 3.1911 million yuan, surpassing the chairman's compensation of 1.9702 million yuan [2] Company Overview - The company specializes in the research, production, and sales of automotive interior assembly products, including door inner trim assemblies, instrument panel assemblies, and other related components [4]

► 2024年业绩符合预期 客户奇瑞销量高增 1）营收端：2024年公司模检具、自动化生产线营收16.25亿元，同比+4.73%，系在手订单释放拉动；汽车零部 件及配件营收7.30亿元，同比+153.89%，打造公司第二增长极。公司2024年装备制造与轻量化业务双轮驱动， 随产能不断释放，带动全年业绩同比高增。2024Q4公司大客户奇瑞销量为851,123辆，同比+35.51%，环比 +30.51%，带动公司业绩环比提升。2）利润端：2024Q4公司实现归母净利润0.98亿元，贴近此前预告中枢， 符合预期。公司2024Q4毛利率为26.81%，同环比分别+10.35pct/+2.27pct，净利率为16.91%，同环比分别 +8.00/-0.30pct。我们认为公司2024Q4盈利能力同比大幅提升系零部件业务规模效应提升影响。3）费用端： 2024Q4销售/管理/研发/财务费用率分别为1.70%/3.33%/4.61%/0.30%，同比分别-0.53/-1.24/-0.48/+0.81pct，环 比分别+0.62/-2.16/-0.66/+1.24pct，系正常费用波动。 ► 设立全资子公司 机器人布局加速 ...