GUILIN FUDA (603166) 证券之星·2025-03-27 22:20Core Viewpoint - Fuda Co., Ltd. demonstrated strong financial performance in its 2024 annual report, with significant growth in revenue and net profit, particularly in the automotive and internal combustion engine parts sector [2][8]. Financial Performance - Total revenue reached 1.648 billion yuan, a year-on-year increase of 21.83% - Net profit attributable to shareholders was 185 million yuan, up 78.96% - Non-recurring net profit was 180 million yuan, an increase of 82.59% - In Q4, total revenue was 538 million yuan, up 33.41% year-on-year, with net profit of 64.44 million yuan, a 63.36% increase [2]. Profitability Analysis - Gross margin improved to 25.05%, an increase of 12.19% - Net margin rose to 11.25%, up 46.89% - Earnings per share reached 0.29 yuan, an increase of 81.25% - Operating cash flow per share was 0.73 yuan, up 135.73% [3]. Financial Health - Cash and cash equivalents amounted to 216 million yuan, a 42.32% increase - The ratio of cash to current liabilities was only 19.49% - Interest-bearing debt rose to 854 million yuan, an increase of 50.62% - Accounts receivable reached 470 million yuan, up 20.38%, with a ratio to profit of 253.41% [4]. Cost and Expense Control - Total selling, administrative, and financial expenses were 126 million yuan, accounting for 7.62% of revenue, an increase of 3.4% - Administrative expenses increased by 29.88% due to higher employee compensation and stock incentive costs - Financial expenses rose by 27.6% due to increased borrowing costs [5]. Main Business Analysis - Main business revenue primarily comes from automotive and internal combustion engine parts, accounting for 94.61% - Crankshaft revenue was 1.036 billion yuan, representing 62.87% of total revenue with a gross margin of 30.25% - Revenue distribution by region: Central China (22.71%), Northwest (20.32%), and East China (20.17%) [6]. Development Strategy and Outlook - The company will continue to focus on the new energy vehicle industry, emphasizing the development of new energy hybrid crankshafts, electric drive gears, and core components for robotics - Through digital management and technological innovation, the company aims to enhance market competitiveness while remaining vigilant against industry fluctuations and raw material price volatility [7][8].