公司已有效地利用了通过私募筹集的资金，主要用于资本支出、营运资金和偿还借款，这表明管理层对资金使用有清晰的规划。

前景展望 (Commentary on Prospects)
《中美贸易紧张局势》
可能影响全球供应链，但公司认为对集团影响有限。

《地缘政治风险》
俄乌冲突和巴以冲突可能限制从某些国家进口关税受限的组件。

《汽车部门》
2025年2月下旬，新汽车客户宣布了新的量产计划，预计将增加未来几个季度的运营成本，但初始设置完成后，预计将带来更高的运营利润。Q4 2024的一项大宗销售使得Q1 2025的基础较低。

《工业部门》
预计未来几个季度的订单量将正常化，这将降低Q1 2025的基础。
* 公司将继续专注于效率、成本控制和严格的现金流管理。
* 管理层对集团截至2025年12月31日财政年度的业绩保持乐观。

小结： 公司承认外部宏观经济和地缘政治风险，但对自身业务前景保持乐观，特别是受益于汽车部门的新客户订单。管理层强调7效率和现金流管理，这对于改善经营现金流至关重要。

JHM Consolidation Berhad：财务现状、未来展望与管理层战略
1. 当前财务状态：挑战与韧性并存
* 营收与盈利能力下滑：公司收入在2022财年达到峰值后持续下降，2024财年营收同比大幅下降28.80%。

* 利润率受挤压：毛利率仅为3.60%，年报中也指出，“缺乏规模经济”和“尽管销售量下降，固定开销仍然很高”是导致利润下降的重要因素。

* 资产负债表相对健康：尽管运营亏损，JHM的资产负债表仍被认为是“相当健康的”。公司拥有良好的流动性，流动比率为2.41，速动比率为1.33。债务水平也相对可控，债务股本比为10.9%，且现金多于债务。这种财务稳定性为公司提供了宝贵的周转空间，使其能够实施转型战略。

JHM’s Inflection Point: Signs of a Turnaround Ahead?

JHM Consolidation Berhad is a one-stop engineering and manufacturing solutions provider serving the automotive, industrial, semiconductor, and telecommunications sectors.

It supports the semiconductor sector at the upstream level by supplying precision mechanical parts for semiconductor equipment. It also produced hermetic enclosures and connectors used in semiconductor modules, and assemble electrical and optical modules for semiconductor and industrial applications.

Over the past six years, JHM’s revenue has declined at a compounded rate of approximately 2% annually. This decline was driven by reduced orders from key automotive customers, the lingering effects of the COVID-19 pandemic, supply chain disruptions, delayed project launches, and rising input and labor costs.

As such from a profitable position in 2019, JHM slipped into losses in 2024. The decline was exacerbated by a narrowing gross profit margin and higher Selling, General, and Administrative expenses. These structural pressures challenged operating leverage, despite capacity expansion initiatives.

However, 2024 may mark the bottom. The Q1 2025 results indicate revenue improvement and a narrower loss. Additionally, JHM reportedly secured a contract to supply automotive parts to the U.S. and is exploring EV battery pack assembly - initiatives that could support a turnaround and eventually improve its position in the Fundamental Mapper.

If you are looking for deeper investing insights into the semiconductor sector on Bursa, don’t miss our upcoming podcast on 5 June — “AI & Global Demand: Fueling the Next Chip Rally?” — where we explore investing opportunities for Malaysian semiconductor stocks.

Date: 5 Jun 2025 (Thur)

Time: 8:30pm

Where: https://www.facebook.com/xifu.my