Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [5][14]. Core Insights - The company achieved a revenue of 7.129 billion yuan in 2024, representing a year-on-year growth of 18.45%, and a net profit attributable to shareholders of 254 million yuan, a significant increase of 493.77% [1][4]. - The company's performance in Q4 2024 showed a revenue of 2.114 billion yuan, up 21.26% year-on-year, and a net profit of 82 million yuan, marking a turnaround from losses [1][4]. - The lithium battery precision structural components segment saw revenue growth of 29.84% to 4.24 billion yuan, with a gross margin improvement of 2.75 percentage points [2][4]. - The mold business contributed a stable profit increase with a revenue of 416 million yuan, up 32.70%, and a gross margin of 53.85% [2][4]. - The company is expanding its capabilities in automation and cost reduction, which has led to improved profitability in its lithium battery structural components and motor core segments [2][3]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 7.129 billion yuan, with a growth rate of 18.45% compared to the previous year. The net profit attributable to shareholders reached 254 million yuan, reflecting a remarkable growth of 493.77% [4][10]. - The Q4 2024 results showed a revenue of 2.114 billion yuan, a year-on-year increase of 21.26%, and a net profit of 82 million yuan, indicating a significant recovery [1][4]. Revenue Breakdown - The lithium battery precision structural components generated 4.24 billion yuan in revenue, up 29.84%, with a gross margin of 11.28% [2][4]. - The mold business achieved a revenue of 416 million yuan, with a gross margin of 53.85%, driven by technological innovation [2][4]. - The motor core segment experienced a revenue decline of 11.78% to 1.509 billion yuan, but the gross margin improved by 2.41 percentage points [2][4]. Profitability and Forecast - The company forecasts a net profit of 400 million yuan for 2025, with a growth rate of 57.59% [4][10]. - The report projects a continuous improvement in profitability, particularly in the lithium battery structural components and humanoid robot business, which is expected to drive a second growth curve [3][4].
震裕科技（300953）：2024年年报点评：锂电结构件盈利改善持续，人形机器人业务彰显能力