Zhenyu Technology (300953.SZ) achieved a comprehensive recovery in its 2024 performance. According to the company's 2024 annual report released tonight, the revenue for 2024 was 7.129 billion yuan, up 18.45% YoY; net profit was 254 million yuan, up 493.77% YoY; and non-GAAP net profit was 231 million yuan, up 2528.14% YoY.
Zhenyu Technology stated that the significant YoY increase in net profit was mainly due to the growth in sales orders and the contribution of cost reduction and efficiency improvement. The profitability of the three major business divisions—molds, motor cores, and lithium battery structural components—all showed varying degrees of growth.
The financial report showed that the company's mold sales volume increased by 16.76% YoY in 2024, and the sales volume of precision structural components increased by 17.54% YoY.
Precision structural components include motor cores and lithium power battery precision structural components. Lithium power battery precision structural components accounted for the largest share of the company's revenue at 59.48%, with revenue increasing nearly 30% YoY, becoming the core engine of performance growth. The second-largest revenue share was motor cores at 21.17%, followed by other businesses at 13.51%, and molds and accessories at 5.84%.
Zhenyu Technology mentioned in the financial report that the main downstream application fields for precision structural components are home appliances, industry, and automotive (including NEVs). The peak production and sales season for NEVs is concentrated in H2, so the demand peak for NEV drive motors and new energy lithium power battery industries is also concentrated in H2. Meanwhile, the number of customer orders received by motor core manufacturing enterprises depends on their overall production and service capabilities, as well as the impact of the Chinese New Year, leading to certain fluctuations in monthly and quarterly procurement.
During the reporting period, Zhenyu Technology leveraged its precision manufacturing system to enter the humanoid robot precision parts and components business. It has currently developed products such as reverse planetary roller screws, linear actuators, and dexterous hand precision components.
In terms of specific progress, reverse planetary roller screw-related products have been verified by several leading humanoid robot body customers domestically and overseas, and small-batch supply has been achieved; linear actuators have been sampled to several leading humanoid robot body customers domestically and overseas, with mass production capabilities; and miniature screw products in dexterous hand precision components have been sampled, with worm gears and worms having received small-batch orders from domestic and overseas customers.
The company also emphasized, "The company's robot precision components and parts products are in the investment phase. Although progress is smooth and some products have achieved small-batch delivery, the revenue scale is relatively small, and the expected contribution to the company's performance is minimal."
