Zhejiang E-P Equipment (603194) Q4 2024 earnings summary

Executive summary

• Achieved annual revenue of ¥6.55 billion, up 10.66% year-over-year; net profit attributable to shareholders was ¥839.81 million, up 4.23% year-over-year.

• Maintained No.1 market share in electric warehouse forklifts for 12 consecutive years and lithium forklifts for 6 years.

• Launched 67 new products and 46 R&D projects, with strong growth in new product sales.

• Expanded global presence with new subsidiaries and a new US marketing headquarters.

Financial highlights

• Revenue: ¥6.55 billion, up 10.66% year-over-year; net profit: ¥839.81 million, up 4.23%.

• Gross margin: 28.69%, up 0.91 percentage points year-over-year.

• Operating cash flow: ¥446.89 million, down 31.91% year-over-year due to slower customer payments and higher payroll.

• Total assets: ¥7.77 billion, up 38.11% year-over-year; net assets: ¥4.84 billion, up 69%.

• R&D expenses: ¥231.89 million, up 35.24% year-over-year.

Outlook and guidance

• Focus on product innovation, channel expansion, and accelerating commercialization of intelligent products in 2025.

• Plans to leverage five brands and eight business lines for global growth.

• Emphasis on green, intelligent, and digital transformation to drive future growth.