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毛利率不足3%的“华为概念股”:近五年合计亏逾15亿元,卓翼科技为啥盈利这么难
Mei Ri Jing Ji Xin Wen· 2025-05-15 06:27
Core Viewpoint - The recent legal issues faced by the controlling shareholder of Zhuoyue Technology have cast a shadow over the company, which has been experiencing continuous losses and declining employee numbers since 2020 [1][3][25] Financial Performance - Zhuoyue Technology has reported losses for five consecutive years, with total losses exceeding 1.5 billion yuan from 2020 to 2024 [3][12] - Revenue has decreased from 3.041 billion yuan in 2020 to 1.707 billion yuan in 2024, while net profits have been negative for the same period, with losses of 603 million yuan, 165 million yuan, 131 million yuan, 411 million yuan, and 218 million yuan respectively [3][6] - The company's gross margin has significantly declined, reaching a low of 2.27% in 2024, although this represents a year-on-year increase of 4.77 percentage points [6][12] Operational Challenges - The company has faced operational difficulties, including high fixed costs due to multiple factories and low production efficiency, which have contributed to the decline in gross margin [8][12] - The establishment of the Heyuan base in 2021 has not yielded the expected financial performance, with the base consistently operating at a loss since its inception [10][12] Employee and Production Dynamics - The workforce has drastically reduced from over 15,000 employees at the end of 2020 to less than 3,600 by the end of 2024, indicating significant operational downsizing [1][23] - The Heyuan base currently employs over 2,000 workers, but the overall employee count has decreased significantly, reflecting the company's struggles [10][23] Leasing and Financial Burden - Zhuoyue Technology has incurred substantial leasing costs, with annual payments exceeding 85 million yuan for factory and dormitory rentals, contributing to financial strain [15][17] - The company's leasing liabilities have increased significantly, impacting its financial performance and operational flexibility [12][15] Research and Development - Despite intentions to shift towards higher value-added products through ODM and JDM models, the company's R&D investment has decreased from 152 million yuan in 2019 to 48.47 million yuan in 2024, with a corresponding drop in R&D personnel [20][25] - The company has not effectively aligned its R&D efforts with its operational scale, leading to concerns about its competitive positioning in the market [18][25]
立讯精密(002475) - 2025年4月26日-28日投资者关系活动记录表
2025-04-28 10:39
Financial Performance - In 2024, the company achieved revenue of CNY 268.795 billion, a year-on-year increase of 15.91% [3] - Net profit attributable to shareholders was CNY 13.366 billion, up 22.03% from the previous year [3] - The gross profit margin for 2024 was 10.41%, down 1.17 percentage points from 11.58% in 2023 [3] - In Q1 2025, revenue reached CNY 61.788 billion, a 17.90% increase year-on-year [6] - Q1 2025 net profit was CNY 3.377 billion, a 31.25% increase compared to the same period last year [6] Operational Efficiency - Operating expense ratio for 2024 was 5.94%, down from 6.30% in 2023, indicating improved operational efficiency [3] - The company’s cash flow from operating activities in 2024 was CNY 27.117 billion, slightly down from the previous year [4] - Inventory turnover days decreased to 45.94 days in 2024, down 12.98 days year-on-year, reflecting better inventory management [5] Business Segments Consumer Electronics - The consumer electronics segment saw significant growth, with a focus on "scene ecology, AI empowerment, and global collaboration" [7] - The wearable device market is projected to reach 190 million units in 2024, with a focus on health monitoring features [8] - The company plans to reduce the carbon footprint of health monitoring products by 30% by 2025 [9] Communication - The communication segment's revenue for 2024 was CNY 18.359 billion, a 26.29% increase year-on-year [14] - The company is positioned to benefit from the growing demand for AI infrastructure, with expected GPU server penetration increasing from 7% in 2023 to 30% by 2028 [15] Automotive - Automotive sales reached CNY 13.7 billion in 2024, nearly a 50% increase from 2023 [20] - The automotive wiring harness segment accounted for 60% of automotive business revenue, with significant growth in high-voltage and high-speed harnesses [20] - The company is the only domestic firm capable of fully developing automotive connectors, with high-voltage connectors now in stable supply to major manufacturers [21] Strategic Outlook - The company aims to enhance its technology capabilities and expand its market presence in the automotive sector, particularly in smart driving and intelligent cockpit products [22] - Future capital expenditures are expected to focus on upgrading facilities in Vietnam and Indonesia, with a projected capacity contribution of nearly 30% from the Vietnam plant by 2025 [26] - The company plans to maintain a growth target of 20%-25% despite fluctuating tariff policies, indicating resilience in its operational strategy [30]