Summary of Weimais Conference Call Company Overview - Weimais' revenue from onboard power supply business accounts for 85% in 2024, a decrease from 2023, but remains the core business [2] - The company is expanding its product line with technologies in EVCC, wireless charging systems, and liquid cooling charging modules [2] - Total sales for 2024 are projected to reach 2.4 million units, although the industry average price has declined due to price wars among downstream automakers [2] Market Position - In the domestic market, Weimais holds a dominant share with major clients including SAIC Group and Li Auto, and is the exclusive supplier for Li Auto [2][11] - The company has approximately 30% market share among third-party suppliers in China, ranking first [2][3] - Weimais has established deep ties with Stellantis and has secured contracts with Renault, Aston Martin, and Ferrari [2][12] Financial Performance - Weimais' sales to Stellantis are expected to generate 600 million RMB in 2024, accounting for 9% of total revenue [2] - The company's net profit for 2024 is projected to be 400 million RMB, down from 500 million RMB in 2023, due to increased R&D expenses and declining sales from major clients [3][15] - The gross margin for Weimais and Futek Technology is around 20%, while other competitors like Inbol and Huichuan have margins around 15% [9] Product Characteristics - Weimais specializes in integrated onboard power supply products, combining OBC and DCDC functionalities [5] - The company has made significant advancements in 800V onboard power supply products, achieving mass production for several clients [14] Industry Dynamics - The domestic onboard power supply market is stable, with leading companies like Weimais and BYD holding significant market shares [3][8] - Emerging companies like United Power are beginning to impact the competitive landscape [8] - The overall industry average price has decreased from approximately 2,300 RMB in 2023 to around 2,100 RMB in 2024 due to competitive pressures [10] Future Outlook - Weimais expects to see growth in overseas revenue and profits as new platform models from Stellantis are launched starting in 2025 [4] - The company plans to maintain a high dividend payout ratio and share buyback strategy to enhance shareholder returns [15]

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]