Core Viewpoint - Wuling Motors (00305) reported a significant increase in net profit for 2024, driven by higher sales of high-margin automotive components and industrial services, with a net profit of approximately 110 million RMB, a year-on-year increase of 60.2%, and attributable profit of 50.62 million RMB, up 115.6% [1] Group 1: Business Performance - In 2024, Wuling Motors achieved revenue of 7.95 billion RMB, with automotive components and industrial services contributing 69% of revenue, automotive power systems 22%, and commercial vehicles 9% [2] - The automotive components and industrial services segment generated approximately 5.46 billion RMB in revenue, with operating profit of about 150 million RMB, a year-on-year increase of 68.3% [2] - The company successfully expanded its customer base, securing new contracts for components including electric seat switches and combination switches, and actively pursued external market opportunities [2][3] Group 2: Product Development and Market Expansion - Wuling Motors has developed and optimized new-generation electric drive axles and power systems, successfully producing the first commercialized electric drive coaxial axle for Changan [3] - The automotive power systems segment reported revenue of approximately 1.74 billion RMB, with a focus on improving order management and reducing inventory [3][4] - The commercial vehicle segment generated about 720 million RMB in revenue, benefiting from effective cost control measures [4] Group 3: Strategic Initiatives and Future Plans - Wuling Motors is enhancing its R&D efforts and has established an innovation center in Hong Kong, collaborating with local universities to build an innovation ecosystem [6] - The "Ling Shi Project" is set to be a key initiative for the parent company, Guangxi Automobile Group, from 2025 to 2027, focusing on developing a new energy vehicle brand and establishing a comprehensive automotive industry ecosystem [6][7] - The company aims to improve product quality and expand both domestic and international markets under the guidance of the "Ling Shi Project" [7]
五菱汽车(00305)2024年股东应占净利大增115.6% “菱势工程”引领开启增长新征程