Core Insights - In 2024, the company demonstrated strong operational resilience amidst a complex market environment, achieving a revenue of 16.831 billion yuan, a year-on-year increase of 7.24%, and a net profit of 4.272 billion yuan, up 10.39% [1] Traditional Business - The company's electrical connection business generated revenue of 7.683 billion yuan in 2024, reflecting a growth of 4.01% year-on-year [2] - The company has introduced innovative products targeting high-end markets, such as the "zero-seam ultra-thin track" socket and smart sockets with touch screens, enhancing user experience [2] - Aimed at younger consumers, the company launched the "Z Generation Series" products featuring trendy colors and modular charging designs to increase market share [2] Smart Electrical and Lighting Business - The smart electrical and lighting segment achieved revenue of 8.331 billion yuan in 2024, with a year-on-year growth of 5.42% [3] - The company is enhancing its retail strategy by building flagship stores and adopting new retail models to meet consumer demands for a one-stop shopping and experience [3] New Energy Business - The new energy segment emerged as a significant growth driver, with revenue reaching 777 million yuan in 2024, marking a substantial increase of 104.75% year-on-year [3] - The company is leveraging its channel resources and brand advantages to expand its presence in the charging pile market, capitalizing on the growing demand for electric vehicle infrastructure [3][4] Product Development and Strategy - The company is focusing on ultra-fast charging products and enhancing its product matrix for fast DC charging piles, integrating advanced technologies for better performance [4] - Plans for 2025 include accelerating new product launches and increasing marketing efforts to maintain market leadership in personal charging piles [4][5] - The company is also expanding its energy storage business, targeting both European households and domestic commercial scenarios with a diverse product ecosystem [5]

Core Viewpoint - In 2024, the company achieved a revenue of 16.831 billion yuan, a year-on-year increase of 7.24%, and a net profit of 4.272 billion yuan, up 10.39% year-on-year, indicating growth across its three main business segments despite some operational pressures [1] Group 1: Electrical Connection Business - The electrical connection business generated revenue of 7.683 billion yuan, growing by 4.01% year-on-year, but the growth rate has slowed compared to previous years [4] - The company has made significant progress in product innovation and channel expansion, launching high-end products like "zero-gap ultra-thin track" sockets and touch smart screens, enhancing brand recognition among younger consumers [4] - Despite improvements in supply chain management through automation and digitalization, challenges such as raw material price fluctuations and cost pressures remain significant [4][6] Group 2: Smart Electrical Lighting Business - The smart electrical lighting segment achieved revenue of 8.331 billion yuan, reflecting a year-on-year growth of 5.42%, supported by the establishment of flagship stores and new retail models [5] - While the company has gained market share in products like wall switches and LED lighting, there is a noted lack of innovation, particularly in the high-end market [5][6] - The company needs to increase investment in channel expansion and brand building to adapt to the intensifying competition in the home decoration market [6] Group 3: New Energy Business - The new energy segment saw remarkable growth, with revenue reaching 777 million yuan, a staggering increase of 104.75% year-on-year, marking it as a highlight in the financial report [7] - The company has successfully developed key components through in-house capabilities, addressing technical challenges in core controllers [7] - Despite the rapid growth, the company faces challenges in technology research and market expansion, necessitating further investment in product innovation and supply chain management [7][8] Group 4: Overall Performance - Overall, the company has strengthened its leading position in electrical connection, smart electrical lighting, and new energy sectors through continuous product innovation and market expansion [8] - The company must enhance its innovation efforts and optimize supply chain management to sustain growth amid increasing market competition and cost pressures [8]