第一创业：晨会纪要-20250313

Group 1: Hesai Technology - Hesai Technology reported Q4 2024 revenue of 720 million yuan, a year-on-year increase of 28%, and a net profit of 147 million yuan, marking a return to profitability [2] - For the full year 2024, Hesai's revenue reached 2.08 billion yuan, a 10.7% increase year-on-year, and it achieved a Non-GAAP net profit of 13.7 million yuan, becoming the first publicly listed lidar company to be profitable for the entire year [2] - The revenue guidance for 2025 is projected to be between 3 billion to 3.5 billion yuan, with lidar shipments expected to double to between 1.2 million to 1.5 million units, driven by the strategy of major automakers to integrate advanced driver assistance systems into 100,000 to 200,000 vehicles [2] Group 2: Hengdian East Magnetic - Hengdian East Magnetic reported a revenue of 18.56 billion yuan for 2024, a year-on-year decrease of 6.0%, but a significant rebound in Q4 with revenue of 4.98 billion yuan, a 25.4% increase year-on-year [3] - The company is the largest magnetic material manufacturer in China, with a 2% increase in magnetic material business revenue and a gross margin increase of 0.8 percentage points [3] - The small cylindrical lithium-ion battery segment saw a revenue growth of 17.8% in 2024, with a gross margin improvement of 6.7 percentage points, indicating a notable enhancement in profitability [3] Group 3: TCL Smart Home - TCL Smart Home achieved a revenue of 18.36 billion yuan in FY 2024, reflecting a growth rate of 21.0%, and a net profit of 1 billion yuan, a year-on-year increase of 39.8% [6] - In Q4 2024, TCL Smart Home's revenue was 4.42 billion yuan, with a year-on-year growth of 15.1%, and a net profit of 190 million yuan, up 42.6% from the previous year, exceeding market expectations [6] - The company has a record high of 380 million yuan in advance payments, indicating strong confidence from the supply chain, although it faces challenges with accounts receivable at 3.75 billion yuan [8]