DAAE(600178)2024-04-30 10:19Financial Performance - The company's revenue for Q1 2024 decreased due to a decline in customer product switching and demand, with net profit also down due to reduced sales and product gross margin [2][3] - In 2023, revenue from markets outside mainland China accounted for nearly 20% of total revenue, primarily from automatic transmissions [3] Strategic Developments - The company terminated its share issuance plan due to significant market changes, but will continue to deepen cooperation with vehicle manufacturers [3] - The revival of fuel engine development in Europe is expected to benefit the company's business expansion, as it continues to invest in engine research and development [3] Product and Market Insights - The company has three major engine product platforms and is focusing on high-end passenger cars, light and medium commercial vehicles, and new energy vehicles [3] - Development of a high-torque 8AT automatic transmission for commercial vehicles is underway, with significant market potential anticipated [3] Cost Management - The company is actively engaging in cost reduction activities to mitigate the impact of price reductions demanded by vehicle manufacturers [4] - The company has implemented strategies such as phased pricing and competitive bidding to manage high aluminum costs, which are critical for engine production [4] Regulatory Environment - National policies promoting vehicle trade-ins are expected to benefit overall vehicle sales, indirectly aiding the company's engine sales [4] - The company is committed to ensuring compliance with regulatory requirements and has been consistently providing cash dividends [4]