Core Insights - The company achieved a revenue of 814 million yuan in 2024, representing a year-on-year growth of 44.93% [1] - The net profit attributable to shareholders reached 74.63 million yuan, up 26.99% year-on-year [1] - The non-MIM precision components business saw a revenue increase of 101.89%, surpassing the MIM components revenue for the first time [1] Financial Performance - The comprehensive gross margin for 2024 was 38.34%, a decrease of 1.57 percentage points year-on-year [2] - The gross margin for MIM products improved to 42.06%, an increase of 2.04 percentage points due to optimized processes [2] - The gross margin for non-MIM precision components was 37.96%, down 2.57 percentage points as new businesses are still in the penetration phase [2] Production and Capacity Expansion - The company is steadily advancing its domestic and international capacity expansion, with factories in Changsha and Vietnam entering phased production [2] - Some target customers have completed site audits, indicating progress in capacity deployment [2] Research and Development - R&D investment for 2024 was 97.55 million yuan, reflecting an 18.04% increase [2] - The company is focusing on new lightweight materials and 3D printing technologies to enhance its technological reserves and capacity layout [2] Strategic Direction - The company aims to leverage new materials and processes as entry points, utilizing differentiated technical solutions to seize opportunities in AI-driven industrial transformation [2] - The goal is to extend products into high value-added segments, ensuring sustainable and stable development while maintaining profitability [2]

Investment Rating - The report does not explicitly state an investment rating for the electronic components industry or the specific company being analyzed [1]. Core Insights - The company specializes in high-precision, high-density, and complex-shaped precision components, aiming to become a leading manufacturer of MIM products and a comprehensive solution provider for precision parts [18]. - In 2024, the company achieved total revenue of approximately 814 million yuan, a year-on-year increase of 44.90%, with non-MIM precision component revenue rising by 101.94% [19]. - The company has established production bases in Shenzhen, Huizhou, Changsha, and Vietnam, with the latter primarily serving overseas clients [20][21]. - The MIM industry is expected to grow due to the increasing demand for new applications, such as foldable screens [23]. Summary by Sections 1. Company Overview - The company focuses on the research, design, production, and sales of precision components, with a strong emphasis on metal materials and advanced manufacturing processes [18]. 2. Financial Performance - In 2024, the net profit attributable to the parent company was approximately 74 million yuan, a year-on-year increase of 26.17% [20]. - The company’s non-MIM business has seen rapid growth due to diverse customer demands for precision components [21]. 3. Production Capacity - The company operates four production bases, with high capacity utilization in peak seasons at the Shenzhen and Huizhou factories [20]. 4. Market Outlook - The MIM industry is anticipated to expand significantly, driven by new product developments and applications, particularly in consumer electronics [23]. 5. Strategic Initiatives - The company has proactively prepared for opportunities in the foldable smartphone market, having already engaged in related business since 2023 [24].