4月中旬，卓翼科技（002369）（002369.SZ，股价9.5元，市值53.86亿元）的一纸公告引发市场关注。公告称，控股股东、实际控制人夏传武因犯操纵证券 市场罪、内幕交易罪，被深圳市中级人民法院一审判处有期徒刑七年，并处罚金4500万元。这一事件为这家"华为概念股""小米供应链"公司蒙上了一层阴 影。 虽然夏传武早已不在公司任职，但夏传武将被变价、拍卖、变卖的公司股份占其所持公司股份数量的比例为97.84%（占公司股份总数的12.48%），且本次 变价、拍卖、变卖公司股份可能导致公司实际控制人发生变化。 事实上，2020年—2024年，卓翼科技一直处于亏损状态，5年合计亏损超过15亿元。员工规模由2020年底的超1.5万人锐减至2024年底的不足3600人。 为进一步了解卓翼科技的经营情况，近日，《每日经济新闻》记者分别走访了公司位于深圳市南山区创新大厦的注册地址，以及公司位于广东省河源市的核 心生产基地——卓翼科技（河源）有限公司（以下简称河源卓翼），试图了解这家代工厂的盈利难题。 连亏五年，毛利率低至2.27% 作为国内大型3C产品和智能硬件产品的方案提供商，卓翼科技主业为网络通讯、消费电子，以及 ...

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]