KDL(SZ:002850)2025-04-18 01:34Financial Performance - The company achieved a revenue of 14.44 billion yuan in 2024, representing a year-on-year growth of 120.30% [2] - The net profit attributable to shareholders reached 1.62 billion yuan, with a year-on-year increase of 22.55% [2] - Total assets amounted to 190.51 billion yuan, reflecting a growth of 14.72% compared to the previous year [2] - The proposed cash dividend is 10.62 yuan per share (including tax) [2] Operational Insights - The increase in gross margin is attributed to strategic partnerships with high-quality overseas clients, optimized product structure, and improved internal management and operational efficiency [3] - The company maintains an optimistic outlook for 2025, expecting enhanced order quality and scale due to deepening strategic partnerships and steady client demand [4] Market and Product Development - The humanoid robot sector is in its early industrialization stage, showing significant growth potential despite a low current base [5] - The company has successfully launched a self-developed product in the high-precision reducer field, gaining high recognition from clients [5] - The impact of tariff policy adjustments on the company is limited, with ongoing efforts to enhance local operations and maintain steady product delivery [6] Capacity and Production - The overseas market presents considerable future potential, with a cautious capacity layout strategy based on client demand [8] - The European production base is operating well, with plans to further release capacity according to client needs [8] Financial Management - Asset impairment primarily stems from overseas clients, particularly Northvolt, with a conservative handling approach [9] - Fluctuations in other comprehensive income are mainly influenced by exchange rate changes [10] Material and R&D - PEEK materials offer superior lifecycle cost-effectiveness compared to traditional materials, with applications in lightweight solutions [11] - The company plans to continuously track market trends and adjust R&D directions to maintain technological leadership [14]