Jinfei Kaida(SZ:002863)2025-05-10 08:36Financial Performance - In 2024, the company achieved a revenue of 4.9 billion CNY, a year-on-year increase of 11.12% [14] - The net profit attributable to shareholders for 2024 was 22.73 million CNY, with a growth of 6.88% [14] - In Q1 2025, the company reported a revenue of 1.215 billion CNY, up 28.25% year-on-year, and a net profit of 16.78 million CNY, increasing by 10.33% [2][14] - The proposed cash dividend for 2024 is 0.17 CNY per 10 shares, totaling 13.18 million CNY, which is 19.68% of the net profit [2] Business Segments - The automotive aluminum alloy wheel business generated a revenue of 3.5 billion CNY, a growth of 15.07% [14] - The motorcycle aluminum alloy wheel segment saw a revenue of 450 million CNY, a decline compared to the previous year [14] - The electric vehicle aluminum alloy wheel business achieved a revenue of 1.1 billion CNY, increasing by 9.51% [14] - The profile segment reported a revenue of 602 million CNY, a significant increase of 326.27% [14] Impact of Tariffs - The recent U.S. tariff adjustments have a limited impact on the company, as the majority of products are sold under FOB terms, with tariffs borne by customers [3] - The company maintains a diversified market layout, with minimal direct sales to the U.S. market [3] Global Expansion - The company has established a significant overseas presence through the acquisition of Watson Manufacturing in Thailand, which has become a key production base [4] - In 2024, Watson Manufacturing achieved a revenue of 527.63 million CNY, a growth of 17.37% [5] - A new project in Thailand aims to produce 2 million aluminum wheels annually, expected to be completed in Q4 2025 [5] Shareholder Engagement - The controlling shareholder has a plan to increase holdings between 50 million to 100 million CNY, with 54.98 million CNY already invested by March 12, 2025 [6] Long-term Strategy - The company focuses on high-end applications of aluminum alloy wheels and is developing new technologies to enhance product performance [7] - It aims to promote low-carbon aluminum materials in line with national carbon reduction strategies [8] - The company is advancing its digital transformation to improve production efficiency and product quality [10][11] Project Developments - Ongoing projects include a 1.2 million annual production capacity for aluminum wheels in Anhui, expected to enter trial production in Q3 2025 [12] - The company is also working on a project in Yunnan for 1.2 million aluminum wheels and another in Thailand for 2 million electric vehicle wheels, both progressing as planned [13]