On March 20, Xingyu Co., Ltd. released its 2024 performance report.
Xingyu Automotive Lighting Co., Ltd. focuses on the design, development, manufacturing and sales of automotive (mainly passenger car) lights. It is a leading automotive lighting company in China. Its products mainly include front lights, rear lights and interior and exterior lights, and its customers include many domestic and foreign automotive OEMs.
In 2024, Xingyu Co., Ltd. achieved operating revenue of RMB 13.253 billion, an increase of 29.32% compared with RMB 10.248 billion in 2023. This growth was mainly due to the company's continuous innovation and market expansion in the field of automotive lighting, as well as the stable growth of the overall automotive industry market.
The company achieved a net profit attributable to owners of the parent company of RMB 1.408 billion, a year-on-year increase of 27.78% compared to RMB 1.102 billion in 2023. Xingyu Technology further enhanced its profitability by optimizing its product structure, improving its R&D capabilities, and strengthening cost control. In addition, the company's technological breakthroughs in the field of smart automotive lighting also provided strong support for the growth of net profit.
In addition, Xingyu Co., Ltd.'s net cash flow from operating activities during the reporting period was RMB 909 million, an increase of 30.42% compared with the same period last year.
In terms of product categories, in 2024, Xingyu Co., Ltd.'s revenue from automotive lighting products was RMB 12.454 billion, an increase of 29.75% year-on-year; revenue from warning triangle products was RMB 15.31 million, a decrease of 9.77% year-on-year; and revenue from controller products was RMB 67.18 million, an increase of 92.25% year-on-year.
In terms of market regions, in 2024, Xingyu Co., Ltd.'s revenue in the domestic market was RMB 12.038 billion, an increase of 29.21% year-on-year; and its revenue in the overseas market was RMB 499 million, an increase of 49.09% year-on-year.
It is reported that in 2024, Xingyu Co., Ltd. undertook the R&D projects of 69 new models for multiple customers and achieved mass production of 40 models. The R&D and mass production of new projects have provided a strong guarantee for the future development of Xingyu Co., Ltd.
In terms of technology research and development, during the reporting period, Xingyu Co., Ltd. continued to strengthen the research and application of new technologies, including the continuous iteration of smart headlights based on Micro LED and related control technologies, the development of pixel-style interactive lights based on Mini LED, OLED and related control technologies, the development of smart headlights based on innovative materials and light source technologies, and the development of lighting controllers HCM/RCM/LCU and lamps (summarized).
