Lucky Harvest(SZ:002965)2024-05-14 09:43Group 1: Company Overview and Financial Performance - Xiangxin Technology Co., Ltd. reported a revenue of 1.571 billion yuan for Q1 2024, representing a year-on-year growth of 36.81% [1] - The net profit for the same period was 121 million yuan, with a year-on-year increase of 47.76% and a net profit margin of 7.51% [1] Group 2: Business Growth Areas - The company is focusing on the new energy sector, particularly in electric vehicles, power batteries, and photovoltaic energy storage [1] - Key products driving growth include components for mainstream automakers such as GAC Group, Geely, BYD, and NIO [2] - The power battery business is expanding, with new orders from top 10 domestic battery manufacturers for popular models scheduled for delivery in 2024 [2] - The photovoltaic inverter and energy storage segments are also experiencing growth, with plans to expand into low-altitude economy and humanoid robotics [2] Group 3: Production Capacity and Market Strategy - The company has established production bases in multiple locations, including Dongguan, Guangzhou, and Suzhou, to meet future planning and customer demands [2] - The East China region is identified as a key area for future customer expansion, with existing partnerships with major automakers [2] Group 4: Raw Material Management - The company has implemented a price linkage mechanism with major clients to mitigate the impact of raw material price fluctuations, particularly for steel and aluminum [3] - Agreements with suppliers allow for monthly adjustments based on market prices, effectively reducing the impact of price volatility on profits [3] Group 5: Product Development and Client Engagement - The company is actively developing photovoltaic inverters and energy storage systems, collaborating with notable clients in the industry [3] - Current supply includes body structure components, seat frames, and battery boxes for models from Geely, including Zeekr and Geometry [3]