JJE(SH:688280)2024-05-24 07:38Group 1: Company Strategy and Market Expansion - In 2024, the company plans to optimize product structure and production operations while expanding both domestic and international markets, including new sectors like motorcycles and marine applications [2] - The company aims to deepen its international strategy, particularly in North America, and expects increased contributions from overseas markets in 2024 due to stable operations of the North American three-in-one electric drive system project [2] Group 2: Market Dynamics and Supply Chain - The electric drive system market for commercial vehicles is expected to remain dominated by third-party suppliers due to the fragmented nature of orders and the high integration model traditionally used by manufacturers [3] - For passenger vehicles, both in-house production and third-party supply will coexist, as each model has its advantages, with new entrants focusing on outsourcing to concentrate on vehicle manufacturing [3] Group 3: Financial Performance and Revenue Trends - In 2023, the company's total revenue was 86,623.91 million yuan, a decrease of 15.13% year-on-year, primarily due to reduced sales in the bus market and fluctuations in vehicle sales [4] - The revenue from the core business, which includes electric drive systems and technical services, was 84,089.91 million yuan, down 6.96% from the previous year, with passenger vehicle electric drive system revenue declining by 7.13% [4] - Despite a 2.50% decline in electric drive system revenue for passenger vehicles, commercial vehicle systems saw a 2.80% increase, driven by steady growth in overseas demand [4] Group 4: Future Outlook and Growth Projections - The company expects to maintain a positive growth momentum in 2024, with a 54.42% increase in revenue in the first quarter compared to the same period last year [4][5] - The company has multiple projects in both domestic and international markets that are either in mass production or nearing production, indicating rapid commercialization progress [4][5] - The company is adopting a dual-market strategy, focusing on both domestic and international markets to leverage its technological and innovative advantages [5]