Core Viewpoint - The company, Yapu Co., Ltd. (603013.SH), has maintained stable operating performance in 2024 despite facing challenges such as customer price reductions and rising production costs, primarily through cost reduction and efficiency improvement initiatives [1][3]. Financial Performance - In 2024, Yapu achieved total revenue of 8.076 billion yuan, a year-on-year decrease of 5.91% - The net profit was 500 million yuan, reflecting a year-on-year increase of 7.29% - The non-recurring net profit was 509 million yuan, showing a year-on-year decline of 4.69% [2][3]. Cost Management - The company has successfully reduced sales expenses from 67.28 million yuan in 2020 to 42.76 million yuan in 2024 - Management expenses decreased from 314 million yuan to 277 million yuan during the same period - Financial expenses were reduced from 22.57 million yuan to a negative 35.22 million yuan, indicating effective cost control measures [3]. Business Development - Yapu focuses on the research, manufacturing, sales, and service of automotive energy storage systems, with a significant emphasis on expanding overseas markets - In 2024, the company secured 81 new project designations, a historical high, including 41 for high-pressure fuel systems and 20 for new business projects [4][5]. - The company has established 25 production bases globally, with 9 located overseas, and 7 engineering technology centers, 4 of which are overseas [4]. Client Base and Market Expansion - Yapu's main clients include over 60 brands such as Volkswagen, Audi, General Motors, and Ford - The company has significantly increased its project designations for hybrid models compared to previous years - In 2024, Yapu intensified its efforts in overseas market research and expansion, completing visits and studies in potential markets like Morocco and Southeast Asia [4].