JZNEE(603507) 证券之星·2025-04-08 22:13Overview of Business Performance - The company achieved total revenue of 3.946 billion yuan in 2024, an increase of 2.71% year-on-year. However, the net profit attributable to shareholders was 178 million yuan, a decrease of 2.99% year-on-year, and the net profit after deducting non-recurring items was 173 million yuan, down 5.13% year-on-year. In Q4 alone, total revenue was 1.053 billion yuan, a decline of 6.35% year-on-year, with net profit of 13.34 million yuan, down 76.65% year-on-year, and net profit after deducting non-recurring items of 205,580 yuan, down 96.16% year-on-year [1][2][8]. Key Financial Indicators - Gross margin was 19.86%, a decrease of 1.7% year-on-year. - Net margin was 4.54%, down 14.5% year-on-year. - Earnings per share were 0.97 yuan, a decrease of 3.0% year-on-year. - The ratio of operating expenses to revenue was 8.78%, an increase of 4.42% year-on-year. - Total sales, administrative, and financial expenses amounted to 346 million yuan [2][6]. Main Business Composition - Revenue from wind power was 2.469 billion yuan, accounting for 62.58% of total revenue, with a gross margin of 23.84%. - Revenue from photovoltaic was 901 million yuan, accounting for 22.82%, with a gross margin of 12.30%. - Revenue from fasteners was 335 million yuan, accounting for 8.49%, with a gross margin of 24.58%. - Other revenue was 126 million yuan, accounting for 3.18%, with a gross margin of -2.21% [6]. Industry Background - The global economy is slowly recovering in 2024, with inflation easing and major central banks shifting to accommodative monetary policies. However, there is increasing divergence, high global debt levels, and ongoing geopolitical instability. - The global new wind power installed capacity reached 121.6 GW, a year-on-year increase of approximately 3%. - The total renewable energy capacity increased by 585 GW, reaching 4,448 GW, with an annual growth rate of 15.1% [3]. Company Strategy - The company adheres to the philosophy of "people-oriented, turning products into crafts" and promotes the "Two Seas" strategy, seizing opportunities in the new energy sector for steady overall development. - The company is actively expanding new profit growth points, with the completion of the first phase of the Nantong factory project, the establishment of a photovoltaic bracket factory in the U.S., and ongoing construction of photovoltaic bracket and wind power factories in Saudi Arabia and Germany [4]. Financial Health - Cash flow per share was 2.66 yuan, a decrease of 1.74% year-on-year. - Cash and cash equivalents amounted to 1.241 billion yuan, an increase of 20.76% year-on-year. - Accounts receivable stood at 538 million yuan, a decrease of 23.41% year-on-year, but accounted for 301.67% of net profit attributable to shareholders. - Interest-bearing debt was 3.35 billion yuan, an increase of 44.18% year-on-year [2][6][8].