JL(SZ:300589)2025-05-08 10:28Group 1: Financial Performance - In Q1 2025, the company signed new orders with a non-tax amount of CNY 146 million, representing a year-on-year growth of 82.50% [2] - As of March 31, 2025, the backlog of orders was CNY 1.47 billion, a year-on-year decrease of 25.76% [2] - In 2024, the company achieved revenue of CNY 1.729 billion, a 45.72% increase compared to CNY 1.187 billion in 2023 [4] Group 2: Product Development and Innovation - The company signed a contract for 2 aquaculture workboats worth CNY 89 million in 2023 and an additional 12 boats totaling CNY 629 million in 2024, with 4 boats currently effective at CNY 194 million [1] - The 21-meter aquaculture workboat features innovative technology, including a dual-hull design and advanced hybrid power system, suitable for extreme conditions in high-latitude waters [2] - The 5G-AI smart unmanned boat project has been completed, enhancing the company's competitive edge in the unmanned boat market [2] Group 3: Market Expansion and Strategy - The international division was established in 2024, with overseas orders amounting to CNY 343 million, accounting for 34.93% of total orders [4] - The company plans to focus on large-scale, new energy, and specialized products while expanding into overseas markets and enhancing digital management [5] - The company aims to balance order scale and profitability by prioritizing high-margin projects and improving project evaluation [3] Group 4: Challenges and Risk Management - The company faced a negative cash flow in 2024 due to significant upfront payments for large orders received in 2023, with major costs incurred in 2024 [3] - The inventory turnover rate improved from 8.62 times in 2023 to 12.29 times in 2024, indicating better inventory management [4] - The company is addressing supply chain security by increasing domestic equipment procurement and strengthening partnerships with suppliers [2]