Core Viewpoint - Honghua Group (0196.HK) reported a significant improvement in its 2024 annual performance, with both revenue and net profit increasing, while focusing on new directions in deep-sea and deep-earth development [3][10]. Financial Performance - The company achieved a total revenue of 5.633 billion RMB, representing a year-on-year growth of 2.9% [3]. - The net profit attributable to shareholders turned positive at 0.08 billion RMB, a substantial increase of 394% compared to the previous year [3]. - Gross margin improved to 12.0%, up by 2.1 percentage points year-on-year [3]. - Operating cash flow showed significant improvement with a net inflow of 0.678 billion RMB, a year-on-year increase of 993.55% [3]. Business Segments Land Drilling and Components - Revenue from land drilling rigs and components was 1.951 billion RMB, a decline of 17.1% year-on-year, but overseas markets, particularly the Middle East, contributed over 69.7% of revenue [4]. - New orders for complete land drilling rigs totaled 13 sets, with a total new order value increasing by 37.8% year-on-year [4]. - Component business revenue reached 1.662 billion RMB, with the company's mud pump products ranking third globally [4]. Fracturing Business - The fracturing equipment and services segment saw remarkable growth, with revenue of 0.823 billion RMB, a year-on-year increase of 56.8% [5]. - New orders amounted to 0.574 billion RMB, reflecting a growth of 118.1% year-on-year [5]. Drilling Engineering Services - Revenue from drilling engineering services was 0.337 billion RMB, down 15.0% year-on-year due to a reduction in domestic drilling activities [6]. - The overseas business accounted for 89.4% of total revenue, with new effective orders reaching 0.506 billion RMB [6]. Marine Segment - The marine business experienced explosive growth, with revenue of 0.860 billion RMB, a year-on-year increase of 100.6% [7]. - New orders for offshore wind power jacket foundations totaled 1.238 billion RMB, up 44.9% year-on-year [7]. Financial Structure and R&D Investment - The company benefited from reduced financing costs, with interest expenses decreasing by approximately 60 million RMB, and financing costs down by 1.04 percentage points to 3.08% [9]. - R&D investment reached 0.257 billion RMB, a year-on-year increase of 13.47% [9]. - The asset-liability ratio improved to 69.3%, with accounts receivable decreasing by 17.2% [9]. Strategic Focus - Honghua Group will continue to implement its "Equipment + Service + Diversification" strategy, focusing on land drilling rigs, components, and drilling engineering services while reshaping its fracturing equipment and services segment [10]. - The company aims to enhance its deep-sea and deep-earth business, leveraging national energy strategies and advancing domestic production of deep-sea exploration and marine drilling equipment [10].
宏华集团(0196.HK)发布2024全年业绩：营收净利双增，聚焦深海&深地发展新方向