KEBODA(603786) 新浪财经·2025-04-26 10:28Core Viewpoint - The company reported strong financial performance for 2024, with revenue and net profit growth, while facing challenges in specific business segments in early 2025 [1][3][4] Financial Performance - In 2024, the company achieved revenue of 5.968 billion yuan, a year-on-year increase of 29.0%, and a net profit of 772 million yuan, up 26.8% year-on-year [1] - The fourth quarter of 2024 saw revenue of 1.695 billion yuan, an 18.4% increase year-on-year, but a 29.5% decrease in net profit compared to the previous quarter [1] - For Q1 2025, revenue decreased by 3.0% to 1.374 billion yuan, and net profit fell by 6.0% to 206 million yuan [1] Profitability Metrics - The gross margin for 2024 was 29.0%, down 0.5 percentage points year-on-year, while Q4 2024 gross margin improved to 28.3% [2] - In Q1 2025, the gross margin further declined to 27.0%, a decrease of 5.0 percentage points year-on-year [2] - Operating cash flow showed significant improvement, with a net cash flow of 687 million yuan in 2024, up 58.8% year-on-year, and 290 million yuan in Q1 2025, up 88.8% [2] Business Segments - The company’s lighting control, motor control systems, and automotive electronics businesses generated revenues of 2.890 billion, 965 million, and 884 million yuan in 2024, respectively, with growth rates of 22.2%, 21.4%, and 15.8% [3] - In Q1 2025, the lighting control business faced a decline of 10.7%, while the motor control systems and automotive electronics businesses grew by 7.8% and 5.3% [3] - Energy management products showed strong growth, with revenues of 832 million yuan in 2024 and 160 million yuan in Q1 2025, representing increases of 92.9% and 6.6% year-on-year [3] Strategic Initiatives - The company is advancing its globalization strategy, with 15% of new projects being overseas, and expects over 60% of lifecycle sales from these projects [4] - Plans are in place to establish manufacturing facilities in Europe and North America by mid-2025 to support new projects and enhance market share [4] - The company aims to diversify its customer base, increasing sales to major clients like Mercedes-Benz, BMW, and new energy vehicle manufacturers [4]