公司快评｜四方达业绩连续下滑，脱困之路在何方？

Core Viewpoint - The recent financial performance of Sifangda (SZ300179) is concerning, with a decline in revenue and net profit, indicating a need for strategic changes to ensure future growth [1][2][3] Financial Performance - Sifangda reported a 3.19% decrease in revenue to 525 million yuan and a 14.52% drop in net profit to 118 million yuan, marking two consecutive years of double-digit declines [1] - Operating cash flow decreased significantly by 85.25%, while inventory increased by 81% and accounts payable surged 1.8 times [1] - Total short-term and long-term borrowings reached 128 million yuan, growing approximately 2.5 times compared to 2023 [1] Business Segments - The resource extraction segment, despite its mature technology and broad applications, experienced revenue decline due to intense competition in the global oil and gas market [1] - The CVD diamond business has significant potential in high-end manufacturing and consumer sectors but has not yet translated into profitability [2] Strategic Initiatives - Sifangda needs to enhance product performance and reduce costs by increasing R&D investment and optimizing manufacturing processes [1] - Collaborating closely with oil and gas companies to provide customized products based on geological characteristics is essential for improving customer loyalty [1] - The company should leverage its Tianxuan functional diamond super factory to accelerate capacity release and scale production, thereby lowering unit costs and improving product quality [2] R&D Focus - Continuous investment in R&D is crucial for Sifangda, with a focus on developing high-performance superhard materials for industries like new energy vehicles and aerospace [2] - The company has established partnerships with universities for technological collaboration but must further enhance its R&D capabilities to keep pace with market competition [2] Financial Management - Sifangda faces challenges related to increased borrowing and tight cash flow, necessitating improved financial management and efficient use of funds [3] - Strengthening negotiation capabilities with suppliers and managing accounts receivable effectively can help reduce financial strain [3] - Cost control measures, including optimizing production processes and reducing material waste, are vital for improving financial health [3] Future Outlook - To reverse the current performance decline, Sifangda must explore multiple avenues for growth and development [3] - Investors should closely monitor the company's initiatives and their effectiveness in enhancing future investment value [3]