优化产业布局、捕捉新兴机会。1）业务结构方面，公司坚持聚焦新能源汽车、光伏逆变器及储能业务构筑基本盘，同时积极布局战略性新兴产业如人形机器人、低空经济、算力服务器等。公司24 年新兴业务等其它业务营收1.07 亿元，同比+11.48%，毛利率80.34%。2）区域结构方面，公司外销收入为6.29 亿元，同比增长12.89%，毛利率30.31%，同比+6.49pct。公司在海外市场的布局逐渐见效，外销收入保持稳定增长。公司在国内建立了覆盖珠三角、长三角、京津冀三大产业集群的生产基地，并在墨西哥蒙特雷建立了生产基地，正在筹建泰国生产基地。Key investment points
Incident: The company released its 2024 annual report, achieving revenue of 6.744 billion yuan, +18.25%; net profit due to mother 0.359 billion yuan, -11.63% year over year; net profit without return to mother 0.348 billion yuan, -10.88% year on year; 24Q4 revenue of 1.866 billion yuan, +3.84%/+8.24% year on month; net profit to mother 0.09 billion yuan, -30.21%/-2.43% year on month; deducted from non-return to mother Net profit of 0.088 billion yuan, -26.26%/-1.58% year-on-month, was mainly due to intense competition, and the gross profit of NEV components in the core business was under pressure.
New energy vehicle profits are under pressure, and the optical storage business is growing strongly. In '24, the company 1) NEV parts business revenue was 3.813 billion yuan, +3.77%, and gross margin fell 6 pct to 13.21% year over year due to rising raw material costs and fierce competition; 2) The optical storage equipment parts business exploded, achieving revenue of 1.217 billion yuan, with H customers contributing more than 80% of revenue, and cooperation with strong optical storage companies such as Ningde Times, Infinite, and Jinlang to drive exponential growth in business scale, with gross profit margin of 16.15%, yoy + 1.01pct; 3) Traditional business contributed 24% to revenue, -0.5pct year over year, and remained stable. Among them, fuel vehicle business revenue was 1.19 billion yuan, +56.76% year over year, gross profit margin of 8.87%, +0.31 pct year on year; 5G communication business revenue was 0.417 billion yuan, year on year -33.57%, gross profit margin was 14.36%, or +3.00 pct year on year.
Optimize the industrial layout and seize emerging opportunities. 1) In terms of business structure, the company insists on focusing on new energy vehicles, photovoltaic inverters and energy storage businesses to build a basic market, while actively deploying strategic emerging industries such as humanoid robots, low-altitude economy, and computing power servers. The company's revenue from emerging businesses and other businesses in '24 was 0.107 billion yuan, +11.48% year-on-year, with a gross profit margin of 80.34%. 2) In terms of regional structure, the company's export revenue was 0.629 billion yuan, up 12.89% year on year, and gross profit margin was 30.31%, +6.49 pct year on year. The company's layout in overseas markets has gradually paid off, and export sales revenue has maintained steady growth. The company has established a domestic production base covering the three major industrial clusters of the Pearl River Delta, Yangtze River Delta, and Beijing-Tianjin-Hebei, and has established a production base in Monterrey, Mexico, and is preparing to build a production base in Thailand.
These overseas bases not only help the company to better serve international customers, but also effectively deal with the risk of international trade disputes and exchange rate fluctuations, and enhance the company's global competitiveness.
Expense ratio control declined steadily, and operating cash flow increased dramatically in Q4. The company's expenses for the 24-year period were 0.551 billion yuan, +6.63% year-on-year, and -0.89pct, of which sales/management/finance/R&D expenses were +20.09%/+8.58%/-160.91%/+17.34%, mainly due to the company's continuous increase in R&D investment, expansion of sales scale, and increases in personnel remuneration, depreciation and amortization, office expenses, travel expenses, etc. Net operating cash flow in '24 was $0.294 billion, -19.92% YoY, of which Q4 operating cash flow was 0.418 billion yuan, +100.5%/+651.0% YoY.
Profit forecast and investment rating: Considering the intense competition for NEV parts and the decline in the company's gross margin, we lowered our profit forecast for 2025 and 2026 and added a profit forecast for 2027. We expect the company's net profit to be 0.46/0.57/0.69 billion yuan in 2025-2027 (0.51/0.62 billion yuan before 2025-2026), an increase of 27%/24%/22%. The corresponding PE is 20/16/13 times, due to the company's optical storage parts supply Leading capabilities, outstanding growth in emerging businesses, and maintaining a “buy” rating.
Risk warning: Competition in the adhesive film industry has intensified, and automotive materials business demand and customer growth have fallen short of expectations.
