Financial Performance - The company expects a net loss of between 370 million and 480 million yuan for 2024, compared to a profit of 319.61 million yuan in the same period last year[2]. - The decline in revenue is attributed to inventory destocking by overseas core customers and intensified industry competition, leading to a significant drop in operating income and a decrease in domestic business gross margin[2]. - The overall business situation is under pressure due to strategic transformation and core customer inventory destocking, but there is potential for improvement in 2025[4]. Strategic Changes - The company has closed two domestic production bases in Hunan and Anhui as part of its strategic shift towards overseas markets, resulting in an inventory impairment provision of 197.1 million yuan[2]. - The overseas projects are still in the expansion and ramp-up phase, with initial costs remaining high, but losses are expected to decrease as projects reach full production[3]. - The company will continue to monitor the recovery of core customer orders and the capital expenditure related to overseas projects[4]. Financial Position - As of September 2024, the company has short-term and long-term borrowings of 986 million yuan and 287 million yuan, respectively, with a balance of 787 million yuan in "Mingli Convertible Bonds"[3]. - The total cash and trading financial assets amount to 1.475 billion yuan, indicating manageable short-term debt repayment pressure[3]. - The credit rating agency maintains the company's credit rating at AA- with a stable outlook, reflecting the manageable capital expenditure and short-term debt pressures[4]. Future Outlook - The company anticipates a gradual recovery in order volume from core customers, which may lead to improved operating conditions in 2025[4].
铭利达(301268) - 2024 Q4 - 年度业绩预告