Wuxi Lead Intelligent Equipment (300450) H2 2024 earnings summary

Executive summary

• Revenue for 2024 was ¥11.86 billion, down 28.71% year-over-year due to domestic demand slowdown and delayed customer equipment acceptance.

• Net profit attributable to shareholders was ¥286.1 million, a decrease of 83.88% year-over-year, mainly due to asset impairment provisions and lower sales.

• Overseas business grew rapidly, with revenue up 26.31% year-over-year, now accounting for 23.88% of total revenue.

• The company maintained its leading global market position in new energy intelligent equipment, with a 9.1% global market share.

Financial highlights

• Gross margin for lithium battery intelligent equipment improved to 38.94% despite a 39.18% revenue drop in this segment.

• Intelligent logistics systems revenue increased 30.49% year-over-year, with margin rising to 21.05%.

• Operating cash flow was negative at -¥1.57 billion, a further decline from the previous year.

• Total assets at year-end were ¥36.18 billion, up 2.52% from the prior year.

• Net asset value attributable to shareholders was ¥11.60 billion, down 2.12% year-over-year.

Outlook and guidance

• The company will focus on “excellent operations,” “steady growth,” and “agile innovation” for 2025.

• Plans to further expand overseas and non-lithium battery business, aiming for a diversified growth curve.

• Will continue to invest in R&D for solid-state batteries, hydrogen energy, and digital manufacturing.