JJE(688280)2024-05-27 07:34Group 1: Company Overview - Jingjin Electric is a leading company in the global electric drive field for new energy vehicles, targeting the mid-to-high-end market [2] - The company has developed high-performance flat wire motors for heavy commercial vehicles, which are now leading in efficiency and output [3] Group 2: Financial Performance - In 2023, the total operating revenue was 86,623.91 million CNY, a decrease of 15.13% year-on-year [3] - Excluding vehicle sales, the core business revenue was 84,089.91 million CNY, down 6.96% year-on-year, with electric drive system revenue decreasing by 2.50% [3] - The revenue from passenger vehicle electric drive systems fell by 7.13%, while commercial vehicle systems increased by 2.80% [3] Group 3: Market Dynamics - The decline in revenue was primarily due to reduced procurement demand in the Heze region, particularly for passenger vehicles [3] - The commercial vehicle electric drive system revenue growth is attributed to steady demand from overseas clients [4] - The industry faces risks due to insufficient customer numbers and production project reserves, leading to potential market share fluctuations [5] Group 4: Future Strategies - In 2024, the company plans to optimize product structure and expand both domestic and international markets, including new sectors like motorcycles and marine applications [4] - The company aims to deepen its international strategy, particularly in North America and Europe, with expectations of increased contributions from overseas markets [5][6] Group 5: New Product Developments - The company is advancing projects for electric drive systems in various platforms, including those for FAW, SAIC, and Chery, with plans for mass production in 2024 [6] - New products such as silicon carbide controllers and electric motorcycle drive systems are expected to enter mass production in 2024 [6]