点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 降本增效、结构优化，盈利能力进一步提升 公司24年毛利率为24.36%，较上年增长0.78pcts，净利率为12.2%，较上年增长0.62pcts。24Q4毛利率为 27.26%，环增3.85pcts，同增2.98pcts，净利率为13.21%，环增1.53pcts，同降1.83pcts，信用和资产减值影 响0.61、0.27亿元，若还原后公司盈利能力更强。 报告摘要 事件： 科达利发布2024年年报，公司24年营业收入为120.3亿元，同增14.44%；实现归母净利润14.72亿元，同增 22.55%，拟每10股派发现金红利20元（含税）。 点评： 24Q4淡季不淡 24Q4营业收入为34.38亿元，同增25.32%，环增9.25%； ...

Core Viewpoint - The company reported a strong performance in 2024, with significant revenue and profit growth, indicating effective cost reduction and efficiency improvement strategies [3][4][5]. Financial Performance - In 2024, the company achieved an operating revenue of 12.03 billion, a year-on-year increase of 14.44%, and a net profit attributable to shareholders of 1.472 billion, up 22.55% [3]. - For Q4 2024, the operating revenue was 3.438 billion, reflecting a year-on-year growth of 25.32% and a quarter-on-quarter increase of 9.25%. The net profit for the same period was 455 million, up 12.15% year-on-year and 23.58% quarter-on-quarter [4]. Profitability Enhancement - The company's gross margin for 2024 was 24.36%, an increase of 0.78 percentage points from the previous year, while the net margin was 12.2%, up 0.62 percentage points [5]. - In Q4 2024, the gross margin reached 27.26%, a quarter-on-quarter increase of 3.85 percentage points and a year-on-year increase of 2.98 percentage points [5]. Business Expansion - The company is entering the robotics sector through a partnership with Taiwanese firms, establishing a new company focused on high-precision reducers, showcasing rapid technological iteration and strong R&D capabilities [6]. - The company has set up overseas production bases in Germany, Sweden, and Hungary, with ongoing developments in the US and Malaysia, aiming to enhance local production capabilities [7].