Zhuhai Bojay Electronics (002975) H2 2024 earnings summary

Executive summary

• FY24 revenue rose 36.17% YoY to RMB1.233bn as demand recovered and new business grew across consumer electronics, AI servers, automotive electronics, MLCC equipment and semiconductor equipment.

• Attributable net income recovered to RMB22.25m from a RMB57.23m loss; excluding non-recurring items, attributable net income was RMB8.94m.

• Gross margin declined to 42.54%, down 3.48 percentage points YoY, while operating cash flow turned negative amid weaker customer collections and higher supplier payments.

Financial highlights

• Revenue was RMB1.233bn, up 36.17% YoY; industrial automation equipment contributed RMB1.045bn, equipment parts RMB92.46m and technical services RMB95.80m.

• Attributable net income was RMB22.25m versus a RMB57.23m loss in 2023; adjusted for non-recurring items, it was RMB8.94m versus a RMB52.87m loss.

• Consolidated net income was RMB18.87m versus a net loss of RMB82.67m; operating profit was RMB15.52m versus an operating loss of RMB101.37m.

• Operating cash flow was negative RMB204.31m versus positive RMB117.71m; cash and cash equivalents fell RMB428.70m to RMB338.46m.

• Non-recurring gains totaled RMB13.31m, led by financial-asset gains of RMB7.92m, government grants of RMB6.24m and asset-disposal gains of RMB3.77m.

Outlook and guidance

• 2025 priorities include expanding major-customer opportunities, scaling AOI, standardizing traditional products and building an integrated acquisition-management process.

• Plans call for growing AI/cloud, new-energy vehicle and semiconductor packaging and testing equipment, while extending single-station products into connected equipment and larger automated lines.

• AI initiatives target general-purpose vision algorithms, 2D/3D inspection and motion-control platforms for applications including glass, automotive capacitors and industrial CT inspection.

• Convertible-bond projects for consumer-electronics smart-manufacturing and semiconductor automated inspection equipment were delayed, with target completion moved from Jan. 1, 2025 to Jan. 1, 2027.