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宏昌科技:2024年营收增长但利润下滑,需关注应收账款及费用增加

Revenue and Profit - The total revenue for the year 2024 reached 1.027 billion yuan, representing a year-on-year growth of 16.09%. However, the net profit attributable to shareholders was only 52.4657 million yuan, a significant decline of 38.93%. The net profit after deducting non-recurring gains and losses was 38.97 million yuan, down 49.4% [1][6]. Profitability - The company's gross margin was 16.35%, a decrease of 16.88 percentage points compared to the same period last year. The net profit margin was 5.04%, reflecting a year-on-year decline of 48.2%, indicating challenges in cost control and weakened profitability [2]. Expense Situation - Total selling, administrative, and financial expenses amounted to 81.2831 million yuan, accounting for 7.92% of revenue, which is an increase of 46.03% year-on-year. Selling expenses rose by 72.11% due to the addition of a new automotive parts business and increased employee compensation and business entertainment expenses. Administrative expenses increased by 43.79% primarily due to depreciation and amortization from IPO projects and the introduction of a new system. Financial expenses surged by 615.06% due to interest expenses from convertible bonds issued in August 2023 [3]. Accounts Receivable and Cash Flow - Accounts receivable stood at 384 million yuan, which is 732.25% of the latest annual net profit, indicating potential risks in accounts receivable management. The operating cash flow per share was 0.75 yuan, a decline of 57.59%, showing a deterioration in cash flow from operating activities [4]. Assets and Liabilities - Cash and cash equivalents amounted to 538 million yuan, a decrease of 32.26% year-on-year. Fixed assets increased by 49.4%, while construction in progress decreased by 52.87%, mainly due to investments from IPO fundraising and convertible bond projects. Short-term borrowings decreased by 65.26%, while contract liabilities increased by 33.57% [5]. Overall Summary - Overall, while the company achieved revenue growth in 2024, it faced significant profit declines. Key challenges include weakened profitability, substantial expense increases, and issues in accounts receivable management. Future improvements are needed in cost control, expense optimization, and accounts receivable management to enhance overall financial health [6].