Hoshion(002824)2024-05-21 09:29Group 1: Financial Performance - In 2023, the company achieved operating revenue of 2.905 billion CNY and a net profit of 142 million CNY [2] - Revenue from automotive parts was 1.933 billion CNY, a year-on-year decrease of 5.98%, accounting for 66.54% of total revenue, with a gross margin of 16.59% [2] - Battery tray shipments totaled 543,700 units, a year-on-year decrease of 4.56%, while sales revenue from electronic consumer goods was 1.461 billion CNY, a year-on-year increase of 1.8% [2] Group 2: Market Challenges and Strategies - The decline in profit margins in Q1 2024 was attributed to increased management and sales expenses, alongside intense competition in the new energy and consumer electronics sectors [2] - The company plans to actively expand its market, improve customer structure, and implement cost reduction and efficiency enhancement measures to increase profit margins [2] Group 3: Product and Client Overview - The main products include automotive parts and electronic consumer goods, with automotive products comprising new energy vehicle battery trays, module structural parts, and cell casings [2][3] - Key automotive clients include CATL, GAC Aion, and BYD, while major electronic consumer clients include AAC Technologies, BYD Electronics, and Foxconn [3] Group 4: Raw Material and Pricing Strategy - The primary raw material is aluminum ingot, with recent significant price fluctuations in the market [3] - The company employs a pricing model based on "aluminum ingot price + processing fee" to mitigate the impact of raw material price volatility [3]