FCDW(SH:605189) Zheng Quan Zhi Xing·2025-04-08 22:14Core Viewpoint - Fuchun Dyeing and Weaving (605189) reported a strong growth in revenue and profit for 2024, but faced challenges in cash flow and debt management, particularly in the fourth quarter [2][10]. Financial Performance - The company achieved total revenue of 3.047 billion yuan, a year-on-year increase of 21.38%, and a net profit attributable to shareholders of 126 million yuan, up 20.76% year-on-year [2]. - In Q4, total revenue was 856 million yuan, a 22.5% increase year-on-year, but net profit dropped to 22.3772 million yuan, a decline of 31.53% [3]. Key Financial Metrics - Gross margin was 12.26%, an increase of 6.68% year-on-year, while net margin decreased to 4.14%, down 0.51% year-on-year [4]. - Earnings per share rose to 0.82 yuan, reflecting a 22.39% increase year-on-year [4]. Cost Control - The ratio of operating expenses to revenue was 4.56%, a significant increase of 50.62% year-on-year, with financial expenses surging by 911.48% [5]. Cash Flow Situation - Operating cash flow per share was -7.33 yuan, a drastic decrease of 1634.76% year-on-year, indicating challenges in cash flow management [6]. Debt Situation - Interest-bearing debt rose to 2.467 billion yuan, a 97.78% increase year-on-year, with an interest-bearing asset-liability ratio of 47.25% [7]. Business Model and Future Development - The company's performance is driven by R&D, debt financing, and capital expenditures, with increased R&D investment of 4.67 million yuan in collaboration with universities [8]. - The company is also advancing the construction of smart factories to enhance production efficiency [8].