WINGTECH(600745) 华尔街见闻·2025-04-25 18:20Core Viewpoint - Wentech Technology is undergoing a significant asset restructuring by selling its product integration business, which has been dragging down profits, to focus entirely on its strong semiconductor business [1][4]. Financial Performance - In Q1, the company's revenue decreased by 19.38% year-on-year, while net profit surged by 82.29% [1][6]. - For 2024, total revenue reached 73.598 billion yuan, a year-on-year increase of 20.23%, but the net profit attributable to shareholders was a loss of 2.834 billion yuan, down 339.83% [4][6]. - The semiconductor business generated revenue of 14.715 billion yuan in 2024, with a gross margin of 37.47% and a net profit of 2.297 billion yuan [8]. Business Segmentation - The product integration business accounted for 72.39% and 79.39% of total revenue in 2023 and 2024, respectively, but is now being divested [4][6]. - The semiconductor business is expected to benefit from the growth in humanoid robots and electric vehicles, with significant revenue contributions from the automotive sector [8][9]. Strategic Focus - The company plans to concentrate resources on enhancing profitability in the semiconductor sector following the divestiture of the product integration business [4][7]. - The first quarter of 2025 saw the signing of multiple equity transfer agreements to sell the product integration assets, with a total transfer payment of 2.78 billion yuan received by the end of March [5][7]. Market Outlook - The semiconductor business is projected to grow due to trends in electric vehicles and advanced driver-assistance systems, with a significant increase in direct revenue from automotive OEM customers [8][9]. - The global market for humanoid robots is expected to see substantial growth, with projections of annual shipments reaching 1 million units by 2030 [9].