Group 1: Company Performance - In Q1 2025, the company achieved operating revenue of 390 million yuan, a year-on-year increase of 44.98%, and a net profit attributable to shareholders of 61 million yuan, a year-on-year increase of 125.81% [1] - For the full year 2024, the company reported operating revenue of 1.421 billion yuan, a year-on-year increase of 34.11%, and a net profit attributable to shareholders of 187 million yuan, a year-on-year increase of 59.8% [1] - The company's net profit growth turned positive in Q2 2024, with consecutive high growth in the following quarters, showing a quarterly increase of 112.38% in Q4 2024 [1] Group 2: Industry and Market Trends - The company's main business involves the research, production, and sales of fuses and related components, primarily serving the renewable energy generation and consumption sectors [2] - The demand for circuit protection components is rapidly increasing, driven by the growth in industries such as new energy vehicles, renewable energy generation, and data centers [2] - In 2024, the company generated 897 million yuan in revenue from the new energy vehicle sector, accounting for 63.13% of total revenue, with a year-on-year growth of 50.47% [2] Group 3: Financial Health - The company's cash flow from operating activities was 122 million yuan in 2024, a year-on-year increase of 44.29%, but showed a negative cash flow of -33 million yuan in Q1 2025 [2] - The company's gross margin has been under pressure, declining to 39.74% in 2023 and further to 38.56% in Q1 2025 [3] - The company's asset-liability ratio increased to 49.42% at the end of Q1 2025, up from 38.97% in the same period last year [3]
中熔电气业绩回暖首季净利增125% 毛利率承压资产负债率升至49.42%