JCON(BJ:836149) Jin Rong Jie·2025-04-03 13:38Core Viewpoint - The financial performance of Xujie Technology in 2024 shows significant declines in revenue and net profit, indicating severe challenges in its core business operations and overall market conditions [1][4][5]. Revenue Performance - Xujie Technology reported a total revenue of 557 million yuan in 2024, a substantial decrease of 28.81% from 782 million yuan in 2023 [4]. - The distributed photovoltaic power station system integration business generated 219 million yuan, accounting for 39.4% of total revenue, but could not offset losses from other business segments [4]. - The revenue from construction assembly services was 250 million yuan, showing a significant decline [4]. Profitability Analysis - The net profit attributable to shareholders was -30.17 million yuan, representing a dramatic drop of 381.95% compared to a profit of 11 million yuan in 2023 [5]. - The non-recurring net profit was -31.06 million yuan, down 642.33% year-on-year [5]. - The primary reasons for the losses include revenue decline, reduced gross margins, and increased operating costs [5]. Cost and Margin Challenges - Operating costs were 487 million yuan, down 26.36%, but the decrease was insufficient to match the revenue drop, leading to further compression of gross margins [4]. - Gross profit for 2024 was 69.55 million yuan, a significant reduction of 42.04% from 120 million yuan in 2023 [4]. Business Strategy and Future Outlook - Xujie Technology is actively adjusting its business layout, including acquiring a 47% stake in Zhongxin Xude to expand its distributed photovoltaic segment [6]. - The company aims to leverage the construction market opportunities in Australia related to the 2032 Olympics, with ALC board sales reaching 67.56 million yuan, a year-on-year increase of 40.86% [6]. - Despite these efforts, the effectiveness of the strategic adjustments remains uncertain, and short-term performance improvements are unlikely [6].