赛道Hyper | 长盈精密2024年财报靓丽：隐忧仍存

Core Insights - Longying Precision delivered impressive annual results for 2024, achieving total revenue of 16.934 billion yuan, a year-on-year increase of 23.40%, and a net profit attributable to shareholders of 772 million yuan, a significant increase of 800.24% [1][2] - The company's growth outpaced the average growth rate of the consumer electronics industry and significantly exceeded that of peers in the new energy vehicle components sector [1][2] Financial Performance - The company's operating cash flow net amount reached 2.259 billion yuan, a modest increase of 1.36% year-on-year, while the gross profit margin slightly decreased by 1.24 percentage points to 18.53% [2][8] - The net profit margin improved significantly from 1.1% to 4.96% [2] Business Segments - Longying Precision's revenue structure consists of three main segments: new energy components and connectors (5.214 billion yuan, 30.79% share, 15.71% gross margin), consumer electronics (7.516 billion yuan, 44.38% share, 19.88% gross margin), and electronic connectors (3.545 billion yuan, 20.93% share, 19.63% gross margin) [5] - The new energy segment was the fastest-growing, with revenue increasing by 47.29% year-on-year, driven by the release of production capacity for power battery structural components [6] Market Trends - The global consumer electronics market showed signs of structural recovery in 2024, with smartphone shipments increasing by 6.4% to 1.24 billion units and AI personal computer shipments soaring by 165.5% [4] - Longying Precision's consumer electronics business generated 11.691 billion yuan in revenue, a year-on-year increase of 15.39%, largely attributed to significant contributions from international clients, particularly Apple [4][5] Strategic Developments - Longying Precision has deepened its involvement in the production of M3 chip MacBook Air, which saw over 60% year-on-year sales growth [5] - The company is also expanding into the humanoid robot sector, having established a subsidiary focused on precision components for smart robots and forming partnerships with leading companies in the field [7] Challenges - Despite strong performance, Longying Precision faces challenges such as a decline in gross margin and high accounts receivable, which stood at 3.137 billion yuan, representing 406.6% of net profit [8][9]