Universal Scientific Industrial (Shanghai) (601231) H2 2024 earnings summary

Executive summary

• Revenue for 2024 was RMB 60.69 billion, down 0.17% year-over-year, with net profit attributable to shareholders at RMB 1.65 billion, a 15.16% decrease year-over-year.

• Gross profit margin was 9.49%, down 0.09 percentage points year-over-year; operating profit margin was 3.09%, down 0.50 percentage points.

• Major investments included new plants in Mexico and Poland, and the acquisition of Hirschmann, expanding automotive electronics capabilities.

• The company maintained a global footprint with 30 manufacturing sites and continued to invest in automation, digital transformation, and ESG initiatives.

Financial highlights

• Operating profit for 2024 was RMB 1.87 billion, down 14.01% year-over-year.

• Net cash flows from operating activities were RMB 4.21 billion, a 38.3% decrease year-over-year.

• Basic EPS was RMB 0.76, down 14.61% year-over-year; weighted average ROE was 9.52%, down 2.50 percentage points.

• Total assets at year-end were RMB 39.998 billion; net assets attributable to shareholders were RMB 17.93 billion.

• Dividend proposal: RMB 2.3 per 10 shares, with a payout ratio of 30.47%.

Outlook and guidance

• The company expects moderate global economic growth in 2025, with a gradual recovery in electronics demand.

• Strategic focus includes expanding SiP module business, accelerating digital transformation, and enhancing supply chain resilience.

• Continued investment in Southeast Asia and further automation upgrades are planned.