Core Viewpoint - The overall performance of the company is poor, with significant declines in revenue and net profit, primarily due to the downturn in its core stamping and welding components business, despite some progress in the new energy vehicle parts sector [1][4][7]. Group 1: Financial Performance - In 2024, the company achieved an operating income of 3.592 billion yuan, a year-on-year decrease of 8.19% [1]. - The net profit attributable to shareholders was 425 million yuan, down 14.43% year-on-year [1]. - The comprehensive gross profit margin for 2024 was 21.08%, a decline of 2.13 percentage points compared to the previous year [7]. Group 2: Core Business Challenges - The company's main business includes automotive stamping, welding assembly components, functional components, stamping molds, and integrated die-casting parts [4]. - Revenue from stamping and welding components significantly declined due to fluctuations in downstream product sales, with the stamping mold business accounting for only 3.13% of total revenue, far below the 90.80% from automotive parts sales [4]. - The transition of the automotive industry towards lightweight and electric vehicles has further shrunk the market demand for traditional stamping and welding components, posing severe challenges to the company's competitiveness in this area [4]. Group 3: Future Growth Potential - The company has made progress in the integrated die-casting business, which is seen as a key driver for future growth, especially with the increasing market demand due to the lightweight trend in new energy vehicles [5]. - New project orders in the integrated die-casting sector are expected to gradually enter mass production in the second half of 2025 [5]. - However, the integrated die-casting business is currently in a production ramp-up phase, with high management and manufacturing costs, making it difficult to contribute significantly to overall performance in the short term [5][6]. Group 4: Cost Pressures and Profitability - The company faces increased cost pressures due to rising asset depreciation, impairment provisions, and other expenses, which have impacted profitability [7]. - Despite efforts to enhance profitability through cost reduction and process optimization, the company still faces significant challenges due to intensified industry competition and price pressures from end-product manufacturers [7]. - Maintaining profitability amidst fierce market competition is a critical issue for the company's future development [7].
多利科技2024年财报：营收利润双降，一体化压铸业务成关键