Core Viewpoint - Zhongrong Electric (301031) reported record highs in revenue, net profit, and cash flow for 2024, indicating strong growth and market position in the circuit protection industry, particularly in the electric fuse sector [2][6][9]. Financial Performance - The company achieved total revenue of 1.421 billion yuan, a year-on-year increase of 34.11%, marking eight consecutive years of growth since 2014 [2]. - The net profit attributable to shareholders reached 187 million yuan, up 59.8%, also a record high [2]. - The net cash flow from operating activities was 122 million yuan, reflecting a 44.29% increase [2]. - For Q1 2025, revenue was 390 million yuan, a 44.98% increase, and net profit was 60.75 million yuan, up 125.81%, the highest growth rate for the same period post-listing [5]. Business Segments - The main business includes the research, production, and sales of fuses and related components, with significant contributions from electric fuses, incentive fuses, and smart fuses [6][9]. - Revenue from the new energy vehicle sector was 897 million yuan, growing 56.27%, while revenue from wind and solar power and energy storage reached 349 million yuan, up 32.59% [7][9]. - The company has a leading market share in the domestic low-voltage electric fuse sector and is well-positioned in high-end markets such as new energy vehicles and energy storage [7][9]. Research and Development - The company invested 136 million yuan in R&D, a 12.25% increase, with an R&D intensity of 9.55% [8]. - It holds 279 valid patents, including 266 domestic patents and 13 overseas patents, showcasing strong innovation capabilities [8]. - The company has received multiple awards from industry leaders, indicating recognition for its quality and innovation [8]. Market Outlook - The demand for circuit protection components is rapidly increasing, driven by the growth in new energy generation and consumption sectors [7][9]. - The company is actively engaging with leading clients in the artificial intelligence data center and eVOLT markets to develop products that meet new industry requirements [10].
中熔电气：2024年多项经营指标创新高，2025年一季度净利润大增125.81%，业务规模持续扩大