Core Insights - Wuling Motors reported a revenue of 7.949 billion yuan for 2024, a year-on-year decrease of 24.18%, while net profit attributable to shareholders reached 50.621 million yuan, a significant increase of 115.6% [1][3] Business Segments - The automotive parts and other industrial services segment remains the core pillar, contributing 5.461 billion yuan, accounting for 69% of total revenue. Despite a year-on-year revenue decline of 10.9%, the increase in high-margin product sales and government subsidies led to an operating profit growth of 68.3% to 154 million yuan [2] - The power system business generated 1.737 billion yuan in revenue, down 30% year-on-year, primarily due to weak demand in the traditional fuel vehicle market. However, inventory management optimization and expansion into new energy clients resulted in a 25% increase in casting sales [2] - The commercial vehicle business reported revenue of 719 million yuan, a decline of 60.9% year-on-year, but maintained profitability of 75.92 million yuan through cost control measures [2] New Energy Transition - The new energy transition is a significant highlight for Wuling Motors in 2024, with its joint venture, Wuling New Energy, achieving sales of over 14,000 units, a year-on-year increase of 41%, and revenue of 1.02 billion yuan. The company successfully expanded into overseas markets such as Japan and South Korea, with export volume increasing by 58% [2] - The self-developed new energy electric drive bridge and three-in-one motor control products have been supplied to automakers like Great Wall and Jianghuai, with cumulative production and sales of new energy rear axles exceeding 1.5 million units. The new production base in Jingmen, Hubei, contributed to a year-on-year revenue growth of over 100% to 730 million yuan [2] Future Outlook - Wuling Motors has achieved profit growth despite revenue pressure, attributed to high-margin product adjustments, government subsidies, and reduced losses from joint ventures. The future growth potential may expand with the advancement of the "Ling Shi Project" and the expansion of the new energy supply market, although the success of traditional business transformation under competitive market pressure remains to be observed [3]
收入减少24% 净利润反增115% 五菱汽车借力新能源与海外市场突围