Core Viewpoint - Huapei Power, a leading company in the domestic sensor field, has won a significant contract from a top domestic new energy vehicle manufacturer, with an expected total value of approximately 100 million yuan over a five-year lifecycle starting in 2026, highlighting the company's R&D capabilities and market competitiveness [1] Group 1: Company Performance - In 2024, Huapei Power achieved revenue of 1.24 billion yuan, a year-on-year decline of 1.6%, and a net profit of 65.61 million yuan, down 43.47% year-on-year [1] - The company reported a net cash flow from operating activities of 257 million yuan, a significant increase of 2905.72% year-on-year [1] - In Q1 2025, the company faced continued pressure, with revenue of 276 million yuan, a year-on-year decrease of 19.2%, and a net profit of 14.42 million yuan, down 62% year-on-year [2] Group 2: Business Development - The company has successfully developed new projects for clients such as Scania, Mitsubishi Heavy Industries, and Knorr, enhancing its business growth momentum [2] - In 2024, Huapei Power won the entire order for the "Daimler Cup Project," expected to generate nearly 100 million yuan in sales, marking the largest single project sales in the company's history [2] - The sensor business is identified as Huapei Power's second growth curve, with successful mass production of a natural gas engine pressure and temperature sensor project for Bosch in Q2 2024 [3] Group 3: R&D Investment - Huapei Power has consistently invested in R&D, with expenditures increasing from 30.12 million yuan in 2020 to 74.91 million yuan in 2024, totaling approximately 280 million yuan over five years [3] - The company established a special team for the development of the third-generation PTC water heater, achieving significant breakthroughs and surpassing international competitors' patent barriers [3] - Huapei Power's subsidiary, Shengmei Chip, made important technological advancements in 2024, successfully completing the design and production of several automotive-grade MEMS products [3]

Core Viewpoint - Huapei Power reported stable revenue and significant profit growth in 2024, indicating strong operational performance and strategic advancements in both its powertrain and sensor businesses [1][2]. Financial Performance - The company achieved an operating revenue of 1.24 billion yuan in 2024, remaining flat compared to the previous year [1] - The net profit attributable to shareholders after deducting non-recurring items was 50.56 million yuan, representing a year-on-year increase of 7.94% [1] - The net cash flow from operating activities reached 257 million yuan, showing a substantial year-on-year growth of 2905.72% [1] - A cash dividend of 2.00 yuan per share (including tax) is proposed for all shareholders [1] Business Segments Powertrain Business - The powertrain division achieved breakthroughs through strategic collaborations and technological innovations, successfully launching new projects with major clients such as Scania and Mitsubishi Heavy Industries [2] - The Daimler Cup project is highlighted as the largest single project in terms of annual sales, contributing nearly 100 million yuan in 2024 [2] - The company renewed contracts for two significant projects with BorgWarner in December 2024 [2] Sensor Business - The sensor division is identified as a second growth curve, with improved profitability through the integration of subsidiaries [2] - The company maintains a leading market share in the domestic commercial vehicle (diesel engine) sector and is expanding into passenger vehicles [2] - Successful mass production of a natural gas engine pressure and temperature sensor for Bosch was achieved in Q2 2024, with additional projects expected to deliver in 2025 [2][3] Technological Advancements - The sensor division established a special team for the development of the third-generation WPTC heater, overcoming patent barriers and achieving over 20 independent patents [3] - The subsidiary, Shengmei Chip, completed the design and production of several automotive-grade MEMS products, meeting stringent automotive standards [3] Strategic Initiatives - The company is preparing to establish a robotics division in response to market demands and existing technological capabilities [4] - An overseas business department was officially established in April 2024, focusing on market expansion in North America and Europe [4]