FOTON(600166) 信达证券·2025-04-27 10:33Investment Rating - The investment rating for Foton Motor (600166.SH) is not explicitly stated in the provided documents, but the report indicates a focus on the company's strong market position and strategic initiatives [2][3]. Core Viewpoints - Foton Motor remains the leader in the commercial vehicle industry, with significant advancements in its "new energy" and "internationalization" strategies [2][3]. - In 2024, the company achieved revenue of 47.7 billion yuan, a year-on-year decrease of 15.0%, and a net profit attributable to shareholders of 0.08 billion yuan, down 91.1% year-on-year [2][3]. - The company’s gross margin improved to 12.6% in 2024, up 1.3 percentage points year-on-year, while the net profit margin was 0.2%, down 1.5 percentage points year-on-year [3]. - Foton's total sales volume for 2024 was 614,000 units, a decrease of 2.7% year-on-year, with a market share of 15.9%, an increase of 0.2 percentage points [3]. - The new energy vehicle segment saw sales of 54,000 units, a growth of 35% year-on-year, contributing to an increase in market share [3]. - The company exported 153,000 vehicles in 2024, a year-on-year increase of 17.3%, maintaining its position as the top exporter of commercial vehicles in China [3]. Summary by Sections Financial Performance - In Q4 2024, Foton reported revenue of 11.94 billion yuan, a decrease of 9.3% year-on-year, but a slight increase of 1.2% quarter-on-quarter [2][3]. - The gross margin for Q4 2024 was 12.8%, up 3.5 percentage points year-on-year, while the net profit margin was -2.9%, reflecting a significant decline [3]. Strategic Initiatives - The company is actively implementing its new energy strategy, focusing on the development of core technologies and expanding its product matrix to enhance competitiveness [3]. - Foton is also advancing its internationalization strategy, achieving notable growth in overseas markets, particularly in the Americas and Southeast Asia [3].