QINCHUAN(000837) 21世纪经济报道·2025-04-17 12:54Core Viewpoint - Qin Chuan Machine Tool is adapting to industry changes by seeking growth through new sectors such as electric vehicles and humanoid robots, despite facing challenges in its core business performance [1][3]. Financial Performance - In 2024, the company reported a revenue of 3.86 billion yuan, a year-on-year increase of 2.62%, while net profit attributable to shareholders was 53.78 million yuan, up 2.92%. However, the net profit excluding non-recurring gains and losses showed a loss of 45.17 million yuan, a decline of 30.3% year-on-year [2]. - In 2023, the company also reported a loss of 34.67 million yuan in net profit excluding non-recurring gains and losses [2]. Industry Context - The machine tool industry is experiencing significant challenges, with key enterprises reporting a revenue and profit decline of 1.4% and 7.8% respectively, and the proportion of loss-making enterprises increasing to 18% [3]. - The overall machine tool industry saw a revenue decline of 5.2% and a profit drop of 76.6% in 2024 [7]. Business Strategy - To counteract profitability issues, the company is focusing on emerging industries, including electric vehicles and humanoid robots [3][12]. - The company has invested in the industrial robot joint reducer project since 2013 and has made significant progress in production and customer acquisition in this area [8][10]. Export Performance - In 2024, the company achieved record-high exports, with machine tool export revenue increasing by 35% year-on-year, particularly in high-precision products [4]. - The company has limited direct exports to the U.S., minimizing the impact of U.S. tariff adjustments on its revenue [4]. Government Support - Government subsidies have played a crucial role in the company's profitability, with non-recurring gains totaling 98.95 million yuan in 2024, including 119 million yuan in government subsidies [6][5]. - Without these subsidies, the company would have reported significant actual losses [7]. Future Projects - The company is undertaking several major projects, including a high-end gear upgrade project for new energy vehicles with an investment of 57 million yuan, expected to be completed by the end of 2025 [12]. - The high-end industrial mother machine innovation base project is partially operational, with production expected to increase by over 100% year-on-year in 2024 [12][13].