CITC(SZ:002190)2025-04-09 02:48Group 1: Company Overview and Business Outlook - The company has a positive outlook for its aviation parts business in 2025, with better order status than the previous year, leading to improved revenue and output [1] - The pricing mechanism for aviation CNC processing is based on market bidding rather than single-source procurement, with increased competition causing price declines, which are expected to stabilize in the future [1] Group 2: Automotive Parts Business - The core customers of the integrated automotive parts business are expected to maintain stable and positive business volumes, leveraging technological and regional advantages to strengthen strategic partnerships [1] - The company has successfully launched mass production for two projects with Lotus and Guoxuan High-Tech, with plans for the Leap Motor project to achieve mass production by mid-2025, potentially reaching a peak supply of over 10,000 units per month [2] Group 3: Factory Relocation and Impact - The relocation of the Wuhu factory in 2025 will have short-term production impacts and incur relocation costs, but the long-term benefits include improved production efficiency through centralized operations [1] Group 4: Financial Projections and Impairment - The company anticipates a reduction in impairment provisions for 2025 due to recovering aviation parts business and improved internal controls on accounts receivable, which will lower the likelihood of bad debts [2] - Revenue and profit are expected to increase in 2025, driven by the recovery in aviation parts and significant growth in automotive parts revenue, with fixed costs being diluted as production increases [2]