NBGF(603788) 新浪财经·2025-04-24 00:28Core Viewpoint - The company reported a strong financial performance for 2024, with significant growth in revenue and net profit, driven by increased sales of key products and effective cost management [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 1,460.65 million yuan, a year-on-year increase of 15.61% [1] - The net profit attributable to shareholders reached 190.59 million yuan, up 17.18% year-on-year [1] - The gross margin for the main business was 22.62%, a decrease of 0.41 percentage points compared to 2023 [2] - The net profit margin improved to 12.98%, compared to 12.86% in 2023 [2] Product Sales and Revenue - Sales of electronic shift assemblies reached 3.1 million units, a year-on-year increase of 31.36% [1] - Sales of electronic accelerator pedal assemblies totaled 7.43 million units, up 29.44% year-on-year [1] - Revenue from the electronic accelerator pedal assembly grew by 32.3% year-on-year, while revenue from the shift control system assembly and soft shaft increased by 4.68% [1] Cost and Expense Management - The company maintained excellent control over expenses, with a total expense ratio (selling, administrative, and R&D) of 9.1%, down 2.51 percentage points year-on-year [2] - The average return on equity (ROE) increased to 9.41%, a growth of 1.16 percentage points year-on-year [2] Cash Position and Dividends - The company reported cash and cash equivalents totaling 1.02 billion yuan, with short-term borrowings of only 45.65 million yuan [3] - The dividend payout ratio for 2024 was 81.93%, indicating a commitment to returning value to shareholders [3] Market Expansion and Future Outlook - The company is expanding its market presence, with new foreign and joint venture clients including Stellantis, Renault, SAIC Audi, GAC Toyota, and ZF [3] - Forecasted net profits for 2025-2027 are 221 million yuan, 256 million yuan, and 299 million yuan, respectively, with corresponding EPS of 0.99, 1.15, and 1.34 yuan [3] Valuation - The current price-to-earnings (PE) ratios are projected at 15x for 2025, 13x for 2026, and 11x for 2027, maintaining a "recommended" rating [4]