Shenzhen Honor Electronic (SZ:300870)2025-05-23 09:46Financial Performance - In 2024, the company achieved a revenue of CNY 3.798 billion, a year-on-year increase of 32.32%, marking a historical high in revenue scale [3] - The gross profit margin for 2024 was 21.36%, an increase of 1.64 percentage points year-on-year [3] - The net profit attributable to shareholders was CNY 268 million, a year-on-year growth of 36.92%, with a net profit margin of 7.06% [3] - In Q1 2025, the company reported a revenue of CNY 888 million, a year-on-year increase of 27.65%, and a net profit of CNY 49.57 million, up 59.06% [3] Business Segments Power Adapter Business - In 2024, the power adapter segment generated revenue of CNY 1.673 billion, a year-on-year increase of 4.96% [4] - The gross profit margin for this segment was 18.26%, down 1.84 percentage points year-on-year due to industry downturn [4] Data Center Power Business - The data center power segment achieved revenue of CNY 1.459 billion in 2024, a significant year-on-year increase of 79.95% [4] - High-power data center power revenue reached CNY 780 million, a staggering growth of 536.88% year-on-year, contributing 53.48% to the segment's total revenue [4] - The gross profit margin for this segment was 25.04%, an increase of 5.49 percentage points year-on-year [4] Other Power Business - Other power business revenue was CNY 649 million in 2024, a year-on-year increase of 48.71% [5] - The gross profit margin for this segment was 20.30%, up 2.30 percentage points year-on-year [5] Market Expansion - The company is actively expanding its overseas business, establishing teams in Taiwan and the USA to target various overseas clients [6] - The company has set up production bases in Vietnam and Mexico to meet global market demands [10] Future Plans Data Center Power Business - The data center power segment is a key focus for future growth, with plans to enhance market presence and deepen cooperation with existing clients [12] - The company aims to achieve 100% localization of components for domestic server power projects [12] Power Adapter Business - The power adapter segment will continue to expand product categories and explore new application scenarios, such as smart homes and drones [13] Revenue Targets - The revenue growth targets for 2025 and 2026 are set at 28%, 52%, and 72% for the trigger values, with target values of 35%, 65%, and 90% respectively [14] - The net profit growth targets are set at 48%, 104%, and 200% for the trigger values, with target values of 60%, 130%, and 250% respectively [15]