欧菲光年报“增收不增利”，高管收入却持续高增

Core Viewpoint - O-film Technology Co., Ltd. reported a revenue increase of 21.19% in 2024, reaching 20.437 billion yuan, but experienced a decline in net profit by 24.09%, indicating challenges in profitability despite revenue growth [1][3]. Financial Performance - In 2024, O-film achieved operating revenue of 20.437 billion yuan, a year-on-year increase of 21.19% [1]. - The net profit attributable to shareholders was 58.38 million yuan, down 24.09% from the previous year [1]. - The non-recurring net profit attributable to shareholders was -12.72 million yuan, marking the fifth consecutive year of losses [1][3]. - Historical revenue from 2020 to 2024 showed fluctuations: 48.35 billion yuan (2020), 22.84 billion yuan (2021), 14.83 billion yuan (2022), 16.86 billion yuan (2023), and 20.437 billion yuan (2024) [3]. - Historical net profit figures from 2020 to 2024 were -1.945 billion yuan, -2.625 billion yuan, -5.182 billion yuan, 7.7 million yuan, and 5.83 million yuan, respectively [3]. Executive Compensation - The total pre-tax remuneration for directors, supervisors, and senior management increased to 20.4866 million yuan in 2024, a rise of 45.64% from 14.0667 million yuan in 2023 [4]. - The chairman's remuneration rose significantly from 790,200 yuan in 2023 to 5.3574 million yuan in 2024 [4]. Strategic Moves - On April 1, 2024, O-film announced plans to acquire all shares of O-film Microelectronics and Jiangxi Jinghao Optical from minority shareholders through a combination of cash and stock issuance [7][9]. - O-film Microelectronics is a key subsidiary, contributing a net profit of 280 million yuan, while Jiangxi Jinghao has reported losses [7][8]. - The acquisition aims to address the company's ongoing profitability issues and improve operational efficiency [8]. Market Reactions - Following the announcement of the share transfer agreement in October 2023, O-film's stock price surged, with an increase of over 100% within a month [9]. - The transition from a non-major asset restructuring to a major asset restructuring indicates a strategic shift in the company's approach to its subsidiaries [10].