Group 1: Financial Performance - The company's net profit for 2024 saw significant growth due to the continuous deepening of smart manufacturing and digital transformation at its subsidiary, Suzhou Electric Porcelain [1] - Suzhou Electric Porcelain has successfully completed the delivery of multiple key products for the State Grid's ultra-high voltage lines, enhancing product quality and service [1] - The subsidiary Suzhou Bearing has increased sales of high-value-added products and is expanding its global market presence, with overseas market growth showing higher gross margins than domestic [1] Group 2: Future Business Directions - The company is focusing on two main business segments: clean environmental equipment and high-voltage insulators, which will drive future development [2] - There is an emphasis on strengthening core competencies, enhancing research and development capabilities, and targeting high-end customers in key industries such as electronic information, healthcare, and renewable energy [2] Group 3: Market Expansion and Client Base - Jiangsu Sujing is expanding its market presence in three key industries: electronic information, healthcare, and renewable energy, with a focus on high-end clients [2] - Suzhou Electric Porcelain's products are gradually gaining influence in over 40 countries and regions, including Europe, America, and Australia, with a strong reputation for its "Lightning" products [3] Group 4: Mergers and Acquisitions - The company is actively seeking investment targets that align with its strategic development goals, with plans to disclose relevant information as required by law [2] Group 5: Production Capacity and Orders - Suzhou Electric Porcelain plans to increase production capacity and implement smart transformation measures to meet market demand and enhance product quality in 2025 [2] - Suzhou Bearing has not yet established partnerships with humanoid robot manufacturers and currently has no related revenue [3]

投资要点 事件：2024 年，公司实现营业收入41.92 亿元，同比减少3.03%；实现归母净利润2.51 亿元，同比增长 61.39%。 2024 年归母净利润同比高增61%，利润率提升。2024 年公司实现营业收入41.92 亿元，同比减少 3.03%；实现归母净利润2.51 亿元，同比增长61.39%；扣非归母净利润2.23 亿元，同比增长77.81%。 2024 公司销售毛利率同比提升2.30pct 至23.83%，期间费用率同比下降0.61pct 至13.44%，销售净利率同 比提升2.82pct 至9.07%。 2024 年净利率提升带动ROE 上行，资产负债率下降。2024 年，公司加权平均净资产收益率同比上升 3.41pct 至10.11%。对ROE 采用杜邦分析可得，2024 年公司销售净利率为9.07%，同比上升2.82pct，总 资产周转率为0.68（次），同比下降0.01（次），权益乘数从23 年的2.50 下降至2.69。截至2024 年末公 司资产负债率为40.98%，同比下降5.01pct。 2024 年经营性现金流净额同比大增，净现比恢复。2024 年，1）公司经营活动现金流净 ...