INVT(002334) 证券之星·2025-04-08 22:21Core Insights - The company reported a total revenue of 4.322 billion yuan in 2024, a year-on-year decrease of 5.84%, and a net profit attributable to shareholders of 287 million yuan, down 22.81% year-on-year [2] - Despite the overall decline, the company showed strong performance in Q4, with a revenue of 1.178 billion yuan, a decrease of 8.48% year-on-year, but a net profit increase of 89.75% to 134 million yuan [2] Financial Performance Overview - The company's gross margin was 30.23%, an increase of 0.81 percentage points, indicating slight improvement in cost control, while the net margin was 4.91%, a decrease of 31.33%, reflecting pressure on profitability [3] - Earnings per share were 0.36 yuan, down 23.02% year-on-year, further indicating a decline in profitability [3] Cost Control and Cash Flow - The company faced challenges in cost control, with total selling, administrative, and financial expenses amounting to 612 million yuan, representing 14.17% of revenue, an increase of 6.05 percentage points year-on-year [4] - Operating cash flow per share was 0.51 yuan, down 32.93% year-on-year, indicating reduced cash inflow from operating activities [4] Accounts Receivable and Financial Position - The company had significant accounts receivable of 1.021 billion yuan, which accounted for 356.08% of the net profit attributable to shareholders, potentially putting pressure on cash flow [5] - Cash and cash equivalents amounted to 1.211 billion yuan, an increase of 26.43% year-on-year, indicating a certain level of liquidity [5] Main Business Composition - Revenue from frequency converter products was 2.272 billion yuan, accounting for 52.57% of total revenue, making it the primary source of income [6] - Data center products generated 792 million yuan, representing 18.32% of total revenue, while electric drive and vehicle power products contributed 571 million yuan, or 13.21% [6] Industry and Regional Distribution - The industrial automation segment generated 2.673 billion yuan, accounting for 61.86% of total revenue, making it the largest business segment [7] - Domestic revenue was 2.994 billion yuan, representing 69.27% of total revenue, while overseas revenue was 1.328 billion yuan, accounting for 30.73% [7] Future Outlook - The company has significant growth potential in industrial automation, network energy, new energy vehicles, and photovoltaic energy storage [8] - Challenges include macroeconomic and policy risks, competition due to core technology and talent shortages, supply chain risks, and potential underperformance in new energy vehicle and energy storage business expansion [8]