均胜电子_分析师简报电话会议要点

Europe restructuring – Per mgmt., they shut down the factories in Germany and Romania in 2024, which incurred restructuring fee around Rmb550m. Mgmt. expect the restructuring to improve overall efficiency, leading to fixed cost reduction by EUR40m and pre-tax profit margin improvement by +2ppt in 2025E. Per mgmt., Europe carries higher manufacturing and raw material costs, and therefore they are shipping production capacity to Morocco and North Africa to enhance cost efficiency. Mgmt. also mentioned they ar ...