HAIDA(300320) 新浪财经·2025-04-07 00:56Core Insights - The company reported a revenue of 3.306 billion, representing a year-on-year growth of 20.9%, and a net profit attributable to shareholders of 162 million, up 19.5% year-on-year [1] - The fourth quarter revenue reached 955 million, with a year-on-year increase of 15.8%, and a net profit of 45 million, growing 16.0% year-on-year [1][3] Revenue Breakdown - The automotive and shipping products experienced rapid growth, with automotive product revenue at 1.297 billion, up 32.19%, and shipping product revenue at 357 million, up 113.30% [2] - Rail transit product revenue was 660 million, growing 1.62%, while lightweight aluminum products generated 540 million, increasing by 9.93% [2] - Construction product revenue declined by 1.92% to 319 million [2] Profitability Metrics - The overall gross margin for the year was 17.6%, a decrease of 0.5 percentage points, with improvements in rail transit, automotive, shipping, and lightweight products [2] - The net profit margin for the year was 4.9%, showing a slight decline year-on-year [2] Fourth Quarter Performance - In Q4, the gross margin was 16.4%, down 1.7 percentage points year-on-year, while the expense ratio decreased to 8.0% [3] - Other income in Q4 was 3.78 million, a decrease of 6.09 million year-on-year [3] Strategic Developments - The company is expanding its automotive sealing business, leveraging existing customer relationships to enter partnerships with major automotive manufacturers [3] - A long-term supply agreement with Longi Green Energy for the supply of short edge frames for photovoltaic modules is expected to significantly increase production volume from 2025 to 2027 [4] Future Outlook - Projected net profits for 2025 and 2026 are estimated at 210 million and 300 million, respectively, with corresponding price-to-earnings ratios of 30 and 21 [5]