xinje(603416) 新浪财经·2025-04-26 06:33Core Insights - The company reported a revenue of 1.71 billion yuan for 2024, representing a year-on-year increase of 13.5%, and a net profit attributable to shareholders of 230 million yuan, up 14.8%, marking the end of a three-year decline in performance [1] - In Q1 2025, the company achieved a revenue of 390 million yuan, a year-on-year increase of 14.3%, with a net profit of 50 million yuan, up 3.5% [1] Revenue Breakdown - Domestic revenue reached 1.667 billion yuan, a year-on-year increase of 13%, accounting for 98% of total revenue, while overseas revenue was 40 million yuan, up 40%, making up 2% of total revenue [1] - By product line, PLC products generated 650 million yuan in revenue, up 21%; drive systems (mainly servo systems) brought in 810 million yuan, up 11%; human-machine interface revenue was 200 million yuan, up 10%; and industrial robots and smart devices generated 40 million yuan, up 2% [1] Profitability Metrics - The company's overall gross margin for 2024 was 37.7%, an increase of 2.2 percentage points year-on-year, with improvements in gross margins across all product lines [1] - The net profit margin for 2024 was 13.4%, up 0.2 percentage points, ending a three-year decline [2] Cost Structure - The company's expense ratio for 2024 was 25.8%, an increase of 2.6 percentage points year-on-year, primarily due to a rise in sales expense ratio [2] - In Q1 2025, the gross margin was 38.1%, down 0.9 percentage points year-on-year, with the expense ratio increasing by 2.3 percentage points [2] Technological Development - The company has a strong foundation in industrial robotics technology, with a focus on humanoid robotics, including the development of components like hollow cup motors and frame-less torque motors [3] - The company is investing in related technologies such as high-performance optical encoders and control systems for robots, and has invested in Changchun Rongde Optical Co., Ltd., which specializes in encoders and sensors [3] Earnings Forecast - The earnings forecast for 2025-2026 has been adjusted, with expected revenues of 2.11 billion yuan and 2.63 billion yuan, and net profits of 290 million yuan and 370 million yuan respectively [4] - For 2027, the company is projected to achieve a revenue of 3.24 billion yuan and a net profit of 470 million yuan, with an EPS of 3.33 yuan [4]