扣非净利下降27%，香山股份的“双轮驱动”为何失速

Core Viewpoint - The financial performance of Xiangshan Co., Ltd. in 2024 is disappointing, with a slight increase in revenue but significant declines in net profit and non-recurring net profit, highlighting challenges in smart transformation and overseas market expansion [1][4]. Automotive Parts Business: Smart Transformation Below Expectations - The automotive parts business, primarily managed by subsidiary Junsheng Qunying, includes smart cockpit and new energy charging and distribution systems. Despite over 20 years of experience in the smart cockpit sector and recognition for its air management system, the performance in 2024 was unsatisfactory [2]. - Growth in the smart cockpit segment is sluggish, with new products like electric air outlets and smart luxury trims failing to drive overall performance due to slow market adoption [2]. - The new energy charging and distribution system faces challenges, with overseas production capacity still ramping up and not fully released, negatively impacting profitability [2]. Weighing Business: Steady Growth but Lack of Innovation - The weighing business achieved sales revenue of 769 million yuan in 2024, a year-on-year increase of 14.34%, indicating stable growth [3]. - However, the business suffers from insufficient innovation, relying heavily on existing products for market promotion and channel expansion, lacking breakthrough new products to stand out in a competitive market [3]. - The international expansion of the weighing business is relatively slow, failing to capitalize on global market growth potential [3]. Financial Performance: Declining Net Profit and Increased Cash Flow Pressure - The financial results for 2024 show a decline in both net profit and non-recurring net profit, with the latter down 27.49% year-on-year, indicating weakened profitability in core operations [4]. - Cash flow pressure is increasing, with net cash flow from operating activities at 713 million yuan, a decrease of 15.75% year-on-year. Although cash flow from financing activities increased by 956 million yuan, cash flow from investment activities was -854 million yuan, reflecting significant funding pressure for production and R&D expansion [4]. - Overall, the company faces challenges in smart transformation and international expansion, with the need to address these issues for future growth [4].