BOSHI(002698)2025-05-15 00:42Group 1: Company Performance and Financials - In 2024, the company achieved a revenue of 2.863 billion RMB, representing a year-on-year growth of 11.59%, while the net profit attributable to shareholders decreased by 1.76% to 524 million RMB [23][11] - The net cash flow from operating activities in 2024 was 644 million RMB, a significant increase of 363% year-on-year, indicating strong revenue quality [5][6] - The company had sufficient orders on hand, with 5.033 billion RMB in smart manufacturing equipment orders, accounting for 79.6% of total orders [3][4] Group 2: Research and Development - The company increased its R&D investment by 7.81% in 2024, focusing on enhancing technological value and establishing competitive advantages [4][3] - The humanoid robot project, in collaboration with Harbin Institute of Technology, has made seven core technological breakthroughs, with the prototype currently in the assembly and debugging phase [1][12] - R&D projects typically require 2-3 years for significant breakthroughs and an additional 1-2 years for commercialization [3][12] Group 3: Market Strategy and Future Outlook - The company plans to leverage national policies supporting digital transformation and smart manufacturing to enhance its market position and operational performance [6][11] - The overseas sales revenue reached 327 million RMB in 2024, a growth of 399.37% compared to 2023, although it still accounted for less than 3% of total revenue [8][14] - The company aims to expand its industrial service business, which generated 768 million RMB in revenue, growing by 7.18% year-on-year [12][11] Group 4: Challenges and Risks - The company acknowledged risks associated with R&D investments, particularly in the humanoid robot project, which is still in the testing phase [1][12] - Financial expenses surged by 494% in 2024, primarily due to increased interest expenses and reduced interest income from cash management [8][5] - The company faces competitive pressures in the traditional packaging and palletizing machine market, which is characterized by low barriers to entry [4][12]