Group 1: Financial Performance - In 2024, the company achieved a revenue of 26,015.77 million CNY, a year-on-year increase of 3,133.50 million CNY, representing a growth rate of 13.69% [4] - The total profit for 2024 was 5,052.31 million CNY, up 15.45% compared to the previous year [4] - The net profit attributable to shareholders was 4,457.91 million CNY, reflecting a growth of 14.28% year-on-year [4] - For Q1 2025, the company reported a revenue of 7,251.82 million CNY, a 19.02% increase from the same period last year [5] - The total profit for Q1 2025 was 1,280.52 million CNY, showing a year-on-year growth of 16.86% [5] - The net profit attributable to shareholders in Q1 2025 was 1,100.66 million CNY, up 18.02% year-on-year [5] Group 2: Asset and Equity Growth - As of the end of 2024, the company's total assets were 53,985.59 million CNY, with equity attributable to the parent company at 45,076.95 million CNY [4] - By the end of Q1 2025, total assets increased to 55,565.65 million CNY, a 2.93% rise from the end of 2024 [5] - Equity attributable to the parent company reached 46,201.71 million CNY by the end of Q1 2025, marking a 2.50% increase from the end of 2024 [5] Group 3: Market and Product Development - The company experienced significant growth in overseas sales, with export revenue increasing by 34.11%, surpassing 50% of total revenue for the first time [4] - In Q1 2025, the fastest-growing sector was high-end home appliances, contributing significantly to revenue growth [6] - The company is actively developing new projects, including a domestic data center cooling system harness and fan cover components, with the former already in mass production [7]

电子 | 消费电子 北交所|首次覆盖报告 hyzqdatemark 2025 年 04 月 29 日 证券研究报告 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： | 基本数据 | 月 | | 年 | 04 | | 日 | | 25 | | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 28.32 | | | | | | | 年 最 高 最 低 | | / | | | | | 一 | | | | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | 2,284.79 | | | | | | | 流通市值（百万元） | | | | | 1,250.57 | | | | | | | 总股本（百万股） | | | | | 80.68 | | | | | | | 资产负债率 ...