智动力股价报13.34元，较前一交易日下跌0.37元，跌幅2.70%。盘中出现快速反弹，5分钟内涨幅超过 2%，最高触及13.45元。全天成交量为546331手，成交金额达7.12亿元。 智动力属于消费电子行业，公司主营业务为精密功能件及结构件的研发、生产和销售。产品广泛应用于 智能手机、平板电脑、可穿戴设备等消费电子产品领域。公司注册地位于广东省。 8月22日主力资金净流出555.75万元，占流通市值0.22%。近五个交易日主力资金累计净流入2721.26万 元，占流通市值1.05%。 风险提示：股市有风险，投资需谨慎。 ...

Group 1: Business Overview - The company aims to be a trusted provider of precision manufacturing and new material application solutions, focusing on advanced precision manufacturing and new material R&D [2] - In the consumer electronics sector, the company produces precision functional and structural components primarily for laptops, all-in-one computers, tablets, and smart home devices [2] - In the new energy battery sector, the main product is carbon nanotube conductive paste, used as a conductive agent in lithium battery electrode preparation to enhance energy density and cycle life [2][3] Group 2: Financial Performance - In 2024, the company achieved total revenue of CNY 792.81 million, a year-on-year increase of 16.90% [3][6] - The net profit attributable to shareholders was CNY -19.35 million, with a significant reduction in losses compared to the previous year [6][7] - The company’s cash flow from operating activities was positive, indicating good operational efficiency [6][8] Group 3: Market Trends - The global consumer electronics industry showed moderate recovery in 2024, with smartphone shipments reaching 1.22 billion units (up 7%), personal computer shipments at approximately 255 million units (up 3.8%), and tablet shipments at about 147.6 million units (up 9.2%) [3] - The company’s carbon nanotube product revenue for 2024 was CNY 55.76 million, a year-on-year increase of 140.13% [3] Group 4: R&D and Innovation - The company invested CNY 57.94 million in R&D in 2024, accounting for 7.31% of total revenue, with 182 R&D personnel making up 11.10% of total employees [4][5] - The company obtained 53 patents in 2024, including inventions related to electronic circuit boards and laptop components, bringing the total to 62 effective invention patents and 246 utility model patents [5] Group 5: Risk Management and Future Outlook - Accounts receivable increased by 30.02% compared to the beginning of the year, but the company maintains a low risk of bad debts due to strong financial conditions of major clients [5] - The company plans to expand into thermal management products, high specific surface area carbon black, and integrated bus CCS, while continuing to strengthen its core business [6][7] - The company aims to achieve profitability in 2025, focusing on market expansion and product diversification [7]

Company Overview - Jebon Technology is a high-tech enterprise focused on precision components and structural parts in the Apple supply chain, aiming to become a trusted provider of precision manufacturing and new material applications [2][3] - The company operates primarily in the consumer electronics and new energy battery sectors, supplying products to major clients like Apple, Amazon, and BYD [2][3] Financial Performance - In 2024, the company achieved total revenue of CNY 792.81 million, a year-on-year increase of 16.90% [3] - The net profit attributable to shareholders was -CNY 19.35 million, with a significant reduction in losses compared to the previous year [3] - The gross margin improved from 21.57% in 2023 to 26.74% in 2024, indicating a healthier profit level [3] New Material Business Growth - Revenue from carbon nanotube conductive paste increased by 140.13% in 2024 compared to 2023, with expectations for continued growth in 2025 [3] - The company is actively developing new materials for solid-state batteries and has introduced a high specific surface area carbon black product line to meet diverse customer needs [3][6] Business Expansion and Client Acquisition - The company has added new clients such as Meta and Joby in the traditional components sector and is entering the next-generation product development phase [3] - In the cooling business, Jebon Technology has acquired a 49.90% stake in Sainogao, enhancing its capabilities in thermal management products [4][5] Q1 2025 Performance - In Q1 2025, the company's revenue remained stable year-on-year, but net losses increased to -CNY 11.24 million, primarily due to share-based payment expenses and increased R&D costs [4] - Despite the losses, the gross margin improved from 23.47% to 24.28% [4] Strategic Initiatives - The company is focusing on the CCS (Integrated Busbar) business, leveraging its existing client relationships in the new energy lithium battery sector [6] - Jebon Technology is also expanding its cooling product line, particularly in liquid cooling modules, to meet the rising demand from high-tech industries [8] Market Challenges and Responses - The lithium battery new materials sector is experiencing intense price competition, prompting the company to enhance its technological capabilities and product offerings [6] - The company is cautiously optimistic about the impact of tariff policies on its operations, as it operates in the mid-to-upstream segments of the supply chain [8]

Core Insights - Jebon Technology (301326.SZ) reported a strong performance for the fiscal year 2024, driven by the recovery in consumer electronics demand and the continuous growth in new energy battery demand [1] - The company achieved a revenue of 793 million yuan, representing a year-on-year increase of 16.90%, with a gross margin of 26.47%, up by 5.44 percentage points [1] - Although the net profit was a loss of 19.35 million yuan, it marked a significant reduction in losses by 65.33% year-on-year, indicating a recovery in core business profitability [1] Business Segments - Jebon Technology's two core business segments, precision functional parts and carbon nanotube products, showed rapid growth in 2024 [2] - The precision functional parts and structural components segment generated revenue of 727 million yuan, a year-on-year increase of 13.3%, with a gross margin improvement of 5.26 percentage points to 27.54% [2] - The carbon nanotube product segment experienced explosive growth, with revenue reaching 55.76 million yuan, a staggering increase of 140.13% year-on-year, driven by the rising demand for conductive materials in lithium batteries [2] Strategic Developments - The company is proactively developing carbon nanotube products for solid-state batteries to address conductivity and stability issues, having already provided samples for testing to some clients [3] - Jebon Technology is expanding its thermal product solutions through strategic acquisitions, including the acquisition of a 49.9% stake in Dongguan Sainuo Gaode Etching Technology Co., Ltd., which is expected to enhance performance growth [3] Future Outlook - For 2025, Jebon Technology plans to deepen collaborations with major clients, maintain high R&D investments, and optimize its product system, including the introduction of a new high-specific surface area carbon black product line [4] - The company aims to advance the implementation of mobile and tablet VC heat dissipation projects and expand liquid cooling module business development [4] - Market institution CITIC Securities has given a "buy" rating for Jebon Technology, anticipating continued improvement in profitability for 2025 [4]

Core Viewpoint - The company reported a narrowing of net losses and a significant increase in revenue, driven by growth in its core business segments and strategic investments in R&D and new markets [1][2][4]. Financial Performance - In 2024, the company achieved operating revenue of 793 million yuan, a year-on-year increase of 16.9% [1]. - The net loss attributable to shareholders was reduced to 19.35 million yuan, a decrease in loss of 65.33% year-on-year [1]. - The gross margin for the manufacturing sector reached 26.47%, an increase of 5.44 percentage points compared to the previous year [1]. - The company’s cash flow from operating activities was 20.8 million yuan, indicating good operational efficiency [4]. Business Segments - The precision functional and structural components segment generated revenue of 727 million yuan, a year-on-year growth of 13.3%, accounting for 91.65% of total revenue [2]. - The carbon nanotube product segment saw revenue soar to 55.76 million yuan, a year-on-year increase of 140.13%, contributing 7.03% to total revenue [3]. Market Trends - The global consumer electronics industry showed moderate recovery, with smartphone shipments increasing by 7% and tablet and PC shipments growing by 9.2% and 3.8%, respectively [2]. - The global power battery shipment reached 1,051.2 GWh, a year-on-year growth of 21.5% [3]. R&D and Innovation - The company increased R&D expenditure to 57.94 million yuan, a growth of 4.51%, with an R&D expense ratio of 7.31% [5]. - The company is actively developing new products for solid-state batteries and heat dissipation solutions, addressing emerging market demands [6][7]. Strategic Acquisitions - The company acquired a 49.9% stake in Dongguan Sainuo Gaode Etching Technology Co., a leading player in the mobile VC heat dissipation market, expected to drive significant revenue growth [7]. Future Outlook - The company plans to continue high-intensity R&D investments and optimize its product system, focusing on new materials and advanced battery connection systems [7]. - Market analysts predict gradual improvement in the company's performance, reflecting confidence in its future growth [8].