孚日股份：2024年业绩稳步增长，但现金流及债务状况需关注

Core Viewpoint - Fuzhi Co., Ltd. reported a slight increase in total revenue for 2024, but faced challenges in the fourth quarter with a significant decline in net profit [1] Business Performance - Total revenue for 2024 reached 5.346 billion yuan, a year-on-year increase of 0.11% - Net profit attributable to shareholders was 348 million yuan, up 21.39% year-on-year - Non-recurring net profit was 336 million yuan, an increase of 21.7% year-on-year - In Q4, total revenue was 1.327 billion yuan, down 1.69% year-on-year, and net profit was 11.34 million yuan, a decrease of 72.23% [1] Profitability - The company's gross margin improved to 18.33%, an increase of 10.95% year-on-year - Net profit margin reached 5.93%, up 20.1% year-on-year, indicating effective cost control and enhanced product value [2] Costs and Expenses - Total sales, management, and financial expenses amounted to 353 million yuan, accounting for 6.61% of revenue, a decrease of 2.5% year-on-year, reflecting improved expense management [3] Assets and Liabilities - As of the end of 2024, cash and cash equivalents were 864 million yuan, a decrease of 38.43% from 1.403 billion yuan in 2023 - Accounts receivable stood at 777 million yuan, an increase of 20.17% year-on-year, raising concerns about collection efficiency [4] Interest-Bearing Debt - Interest-bearing debt was 2.214 billion yuan, down 29.86% from 3.156 billion yuan in 2023 - The interest-bearing asset-liability ratio was 28.73%, indicating a need to monitor debt repayment capacity [5] Cash Flow - Operating cash flow per share was 0.54 yuan, a decrease of 33.82% from 0.81 yuan in 2023 - The ratio of cash and cash equivalents to current liabilities was only 40.47%, suggesting a need for close attention to cash flow [6] Dividends and Financing - Since its listing, the company has raised a total of 1.815 billion yuan and distributed 1.845 billion yuan in dividends, resulting in a dividend-to-financing ratio of 1.02, indicating a commitment to shareholder returns [7] Main Business Analysis - The home textile business generated revenue of 3.853 billion yuan, a decline of 1.67% year-on-year, but the company maintained a solid market share in the industry [8] - The new materials business achieved revenue of 379 million yuan, a significant year-on-year growth of 127.57%, emerging as a new growth driver for the company [9]