Group 1: Company Performance Highlights - The company achieved a revenue of ¥4,661,219,937.52 in 2024, representing a growth of 48.97% compared to the previous year [3] - Net profit attributable to shareholders reached ¥622,308,886.15, marking a 74.73% increase year-on-year [3] - The net cash flow from operating activities was ¥511,044,075.67, up by 57.99% from the previous year [3] Group 2: Product Performance and Market Demand - RF connectors and interconnect systems have a high and stable market share in the mobile terminal sector [2] - The electromagnetic compatibility components have made significant progress in non-mobile consumer electronics, achieving large-scale production and delivery to key clients [2] - Automotive connector revenue has seen rapid growth, with a market share continuously increasing [2] Group 3: Strategic Plans and Future Outlook - The company plans to focus on the 5G technology and AI mobile sectors while expanding its overseas customer base in non-mobile consumer electronics [2] - Future product development will include enhancing Ethernet products related to automotive intelligence and expanding into fields like humanoid robots and AI data centers [2] - The company aims to strengthen its domestic production capabilities to meet the growing demand for automotive connectors as China increases its automotive production capacity [5] Group 4: Challenges and Improvement Measures - The company acknowledges that its overseas business has room for profit margin improvement compared to domestic operations [4] - Management will be optimized to enhance efficiency and address challenges in overseas operations [4] - The company has no current plans for mergers or acquisitions but will seek opportunities for collaboration and capital operations to enhance synergy [5] Group 5: Financial Health and Shareholder Returns - The company maintains a low debt ratio, with a consolidated debt ratio of 30.49% and a parent company debt ratio of 27.48% [12] - The company has consistently returned profits to investors and aims to balance development with shareholder returns through reasonable profit distribution plans [6] Group 6: Market Position and Competitive Edge - The company is a leading supplier in the domestic RF connector industry and has entered the supply chains of major global smartphone brands [9] - It has been recognized as one of the top 100 electronic component enterprises in China for nine consecutive years [9] - The company is committed to quality and service, which has been a key strategy for increasing market share [11]

事件：今世缘发布 2024 年年报与 2025 年一季报，公司 24 年实现总营收 115.46 亿元，同比增加 14.31%，归母净利润 34.12 亿元，同比增加 8.8%，其中 24Q4 总营收 16.04 亿元，同比减少 7.56%，归母净利润 3.26 亿元，同比减少 34.84%。 25Q1 总营收 50.99 亿元，同比增加 9.17%，归母净利润 16.44 亿元，同比增加 7.27%。公司拟每股派发现金红利 1.2 元（含税），合计派发现金红利 14.96 亿 元（含税）、对应分红率约 43.85%。 2025 年 5 月 7 日 公司研究 稳健收官，市占率继续提升 ——今世缘（603369.SH）2024 年年报与 25 年一季报点评 要点 24 年收入保持双位数以上增幅。1）分产品，24 年特 A+类/特 A 类/A 类/B 类产 品收入 74.9/33.5/4.2/1.4 亿元，同比+15.2%/+16.6%/+2.0%/-11.1%，特 A+类 和特 A 类产品收入保持较高增长，低端产品收入下滑。分量价，24 年白酒销量/ 均价同比+19.5%/-4.3%，均价下移或与公司加大折扣冲 ...

2024年，今世缘实现营业收入115.44亿元、同比增长14.32%；实现归属于上市公司股东的净利润34.12亿元，同比增长8.80%；实现扣除非经常性损益后的归 属于上市公司股东的净利润33.80亿元，同比增长7.80%，营收、净利润均创历史新高。 | | | | 单位: 元 | 币种: | | --- | --- | --- | --- | --- | | | | | 本期比上年 | | | 主要会计数据 | 2024年 | 2023年 | 同期增减 | 2 | | | | | (%) | | | 营业收入 | 11, 544, 389, 358. 58 | 10, 097, 984, 227. 52 | 14. 32 | 7,884 | | 归属于上市公司股东的 | 3, 411, 925, 268, 61 | 3, 136, 042, 999, 78 | 8.80 | 2, 502 | | 净利润 | | | | | | 归属于上市公司股东的 | | | | | | 扣除非经常性损益的净 利润 | 3, 380, 091, 543. 47 | 3, 135, 563, 707. 33 | 7.80 | ...

事件：今世缘发布2024 年年报与2025 年一季报，公司24 年实现总营收115.46亿元，同比增加14.31%， 归母净利润34.12 亿元，同比增加8.8%，其中24Q4总营收16.04 亿元，同比减少7.56%，归母净利润3.26 亿元，同比减少34.84%。 毛利率/ 净利率有所波动。1）24 年/25Q1 毛利率74.7%/73.6%， 同比-3.6/-0.6pct，24 年毛利率下降或与 折扣增加冲抵部分收入、产品结构阶段性下移有关。24 年/25Q1 税金及附加项占营收比重 14.6%/16.4%，同比-0.2/+0.9pct，销售费用率18.5%/13.3%，同比-2.2/-0.9pct，管理及研发费用率 4.4%/2.3%，同比-0.2/-0.1pct。24 年/25Q1 归母净利率29.6%/32.2%，同比-1.5/-0.6pct。2）截至25Q1 末 合同负债5.4 亿元、同比/环比下降，或与主动为渠道减压有关。 盈利预测、估值与评级：公司25 年经营目标为总营收同比增长5%-12%、净利润增幅略低于收入增幅。 考虑行业需求恢复仍需时间，下调2025-26 年归母净利润预测为36.6 ...