JEE(SH:688162)2024-10-31 10:18Group 1: Company Overview and Business Model - The company is a mainstream supplier of intelligent equipment and electric motor components in the automotive and advanced manufacturing sectors, focusing on body, powertrain, and lithium battery production lines [1] - The business model consists of two main segments: the manufacturing equipment (mother machine) and the electric drive system (heart of the vehicle), creating a dual-driven business layout [1] Group 2: Financial Performance - For the first three quarters of 2024, the company achieved a revenue of CNY 2.335 billion, a slight decrease of 0.35% year-on-year [2] - The net profit attributable to shareholders was -CNY 20.0379 million, but this represented a significant reduction in losses of CNY 67.8665 million compared to the previous year [2] - The comprehensive gross margin improved to 14.94%, an increase of 1.77 percentage points year-on-year [2] Group 3: Segment Performance - The electric motor and control business generated revenue of CNY 671 million, a substantial increase of 46.23% year-on-year, driven by new projects from major clients [2] - The intelligent equipment business reported revenue of CNY 1.664 billion, with a backlog of orders amounting to CNY 5.87 billion, although revenue recognition was delayed for some projects [2] Group 4: Cash Flow and Dividends - The net operating cash flow for the first three quarters was CNY 118 million, a significant increase of CNY 889 million year-on-year, indicating improved cash management [4][5] - The company proposed its first quarterly cash dividend of CNY 2.20 per 10 shares, reflecting confidence in future growth and commitment to shareholder returns [2] Group 5: Future Outlook and Strategy - The company plans to enhance its electric motor and control business by focusing on the stable mass production of new products and expanding its customer base [37][48] - Approximately 90% of the current orders are related to the new energy vehicle sector, with body components accounting for 50-60% of the orders [48] - The company will redirect funds from the general industrial investment project to the new energy electric drive project to optimize resource allocation [70]