风险提示：股市有风险，投资需谨慎。 截至2025年8月22日收盘，威帝股份股价报4.54元，较前一交易日下跌1.94%。当日成交量为174625手， 成交金额达0.79亿元。 威帝股份主要从事汽车电子产品的研发、生产和销售，产品包括汽车组合仪表、传感器等。公司总部位 于黑龙江，业务涵盖商用车和乘用车领域。2024年12月，公司通过收购阿法硅进入乘用车电子领域。 根据公司2025年半年报显示，上半年实现营业收入7395.40万元，同比增长108.57%。公司新增乘用车电 子产品和光导注塑件产品业务，拓展了产品线和市场空间。同时，公司积极把握新能源商用车出口机 遇，通过与整车厂合作将产品配套至出口新能源客车中。 8月22日，威帝股份主力资金净流出13.11万元，近五日主力资金累计净流出2293.03万元。 ...

Core Viewpoint - *ST Weidi announced that its stock will be suspended for one day on June 3, 2025, and will resume trading on June 4, 2025, with the removal of the delisting risk warning and a change in its stock name from "*ST Weidi" to "Weidi Co., Ltd." The stock code remains "603023," and the daily price fluctuation limit will increase from 5% to 10% [3][4]. Group 1 - The company reported a turnaround in its performance for 2024, achieving a revenue of 65.2357 million yuan, a year-on-year increase of 23.1%, and a net profit attributable to shareholders of 5.0555 million yuan [4]. - The company completed a significant strategic acquisition in December 2024 by acquiring 51% of Alpha Silicon, becoming its controlling shareholder, marking its entry into the passenger vehicle electronics sector [4][5]. - *ST Weidi is a domestic supplier of automotive electronic control products, producing various electronic components such as automotive combination instruments, CAN bus control systems, smart cockpit systems, and more [5]. Group 2 - The company’s stock was placed under delisting risk warning on May 6, 2024, due to negative net profits and insufficient revenue from core business activities [3]. - The audit reports for 2024 from Lixin Zhonglian Accounting Firm provided standard unqualified opinions on both the internal control report and the financial report, supporting the company's application to remove the delisting risk warning [3]. - The Shanghai Stock Exchange approved the company's application to lift the delisting risk warning on May 30, 2025, confirming that the conditions for removal were met [3].

Core Viewpoint - Harbin Weidi Electronics Co., Ltd. reported a net profit of 5.06 million yuan for 2024, with a significant recovery from previous losses, but the gross margin dropped to 15.18% in Q1 2025 from 26.57% in 2024, indicating a structural change in the business model and product mix [1][3][4]. Business Performance - The company achieved a net profit of 5.06 million yuan in 2024, with a non-recurring net profit of 4.15 million yuan, both showing a turnaround from negative figures [1]. - The gross margin for 2024 was 26.57%, which increased by approximately 2.73 percentage points year-on-year, but fell to 15.18% in Q1 2025 [1][3]. Customer and Sales Structure - The company disclosed its top ten customers for 2024 and Q1 2025, primarily in commercial vehicle electronics, with a total sales amount of 6,021.95 million yuan, accounting for 92.31% of sales [2][3]. - The sales structure includes direct sales to major clients, with credit terms varying from payment upon delivery to one-month installments [2]. Gross Margin Fluctuation - The significant drop in gross margin in Q1 2025 is attributed to a change in the sales mix, with the share of high-margin commercial vehicle electronics decreasing from 99.42% in 2024 to 34.99% in Q1 2025 due to the introduction of new passenger vehicle electronic products [3][4]. - The gross margin for commercial vehicle electronics improved slightly from 26.62% in 2024 to 28.98% in Q1 2025, while the margin for passenger vehicle electronics was reported at 12.27% [3][8]. Inventory and Impairment - The year-end inventory balance was reported at 108 million yuan, with an increase of approximately 16.40% year-on-year, and the provision for inventory impairment decreased by 75.26% to 1.33 million yuan [9][10]. - The company’s inventory impairment provision ratio decreased from 14.19% in 2023 to 11.94% in 2024, indicating a lower risk of impairment due to the addition of passenger vehicle electronics inventory, which has a lower impairment risk [10][12]. Accounts Receivable - The year-end accounts receivable balance was 45.84 million yuan, reflecting a 50.34% increase, while the provision for bad debts decreased to 9.88 million yuan, with the provision ratio dropping from 35.55% to 17.98% [20][21]. - The significant decrease in the bad debt provision ratio is attributed to an increase in accounts receivable that are less than one year old, which have a higher collection rate [21].