Shenzhen Honor Electronic (SZ:300870)2025-07-04 08:34Financial 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 [3] - The gross margin for 2024 was 21.36%, an increase of 1.64 percentage points year-on-year [3] - The net profit attributable to shareholders for 2024 was CNY 268 million, a year-on-year growth of 36.92% [3] - In Q1 2025, the company reported a revenue of CNY 888 million, a year-on-year increase of 27.65% [4] Business Segments - The power adapter business generated CNY 1.673 billion in revenue for 2024, a growth of 4.96% year-on-year [5] - The data center power business saw a revenue of CNY 1.459 billion, a significant increase of 79.95% year-on-year, contributing to the overall revenue growth [6] - The other power business segment achieved a revenue of CNY 649 million, a year-on-year increase of 48.71% [6] Product and Market Development - The data center power products include various power ranges, with high-power server power products showing a revenue increase of 536.88% year-on-year [7][6] - The company has established itself as a key domestic manufacturer of data center power products, gaining recognition from major clients such as Inspur and Foxconn [8] - The company is actively expanding its overseas business, with teams set up in Taiwan and the USA to target global markets [9] Future Plans - The company aims to continue expanding its data center power business, focusing on AI industry opportunities and deepening cooperation with existing clients [11][12] - Plans for the power adapter business include expanding product categories and exploring new application scenarios [13] - Revenue growth targets for 2025 and 2026 are set at 28% and 35% respectively, with net profit growth targets of 48% and 60% [15][16]