Core Viewpoint - In 2024, Chongqing Meixin Yishen Machinery Co., Ltd. (873833.BJ) continues to experience a decline in both revenue and net profit, marking the third consecutive year of such downturns since 2022 [2][5]. Revenue and Profit Decline - In 2024, Meixin Yishen reported a revenue of 424 million yuan, a year-on-year decrease of 4.53%, and a net profit attributable to shareholders of 25 million yuan, down 43.01% year-on-year [3][5]. - The company attributes the performance decline to intensified competition in the domestic machinery market and changes in market conditions, which have led to significant price pressures and a need for product restructuring [3][4]. Non-Recurring Gains Impact - The company's non-recurring gains have also decreased, with asset disposal income dropping to -17,230 yuan in 2024 from 4.4555 million yuan in the previous year, significantly impacting net profit [4][3]. - Other income for 2024 was 302,290 yuan, a decrease of 1.13742 million yuan or 79% compared to the previous year, primarily due to reduced government subsidies [4]. Gross Margin and Cash Flow - The gross margin for Meixin Yishen fell to 18.74% in 2024, marking the first time it has dropped below 20% in nearly a decade [6][7]. - The company's operating cash flow has also been declining, with figures of 102 million yuan, 89 million yuan, and 83 million yuan from 2022 to 2024, respectively [7]. Product Performance - The gross margin for the compressor crankshaft product increased by 1.67 percentage points to 27.18%, while the gross margins for other products, such as general machinery crankshafts and accessories, saw declines [6]. - The gross margin for domestic operations was 6.18%, down 5.74 percentage points, while the gross margin for overseas operations was 32.06%, down 2.43 percentage points [7].
连续三年营收净利双降 美心翼申“遇寒”