Shenzhen Sine Electric (688395.SH) net profit in 2024 decreased by 26.67% year-on-year to 37.48 million yuan.

Shenzhen Sine Electric (688395.SH) released its 2024 annual performance report. During the reporting period, the company achieved operating income of 366 million yuan, a decrease of 1.98% compared to the same period last year; net profit attributable to the owners of the parent company was 37.4882 million yuan, a decrease of 26.67% compared to the same period last year. During the reporting period, the company's operating income slightly decreased year-on-year, mainly due to a decrease in revenue from the logistics and construction machinery industries. Profit-related indicators decreased significantly year-on-year, mainly for the following reasons: first, the company expanded its sales team and increased sales personnel, leading to an increase in sales expenses; second, after acquiring Tenghe Precision Motor (Suzhou) Co., Ltd., the company's audit, legal, and other service expenses increased, and additional management personnel were hired, leading to an increase in management expenses; third, the company continued to innovate in products and technology, increasing the number of related research and development personnel, leading to an increase in research and development expenses; these factors combined to reduce the company's profit.