中科飞测营收大增55%却上市首亏，技术投入能否换来未来收益？

Core Insights - Zhongke Feimeasure reported significant revenue growth in 2024, reaching 1.38 billion yuan, a year-on-year increase of 54.94%, driven by the domestic semiconductor trend and a remarkable 87.39% growth in Q4 [1] - Despite the revenue increase, the company faced its first loss since going public, with a net loss of 11.52 million yuan, raising market concerns [2] Revenue and Profit Analysis - The substantial revenue growth was primarily attributed to increased orders from the semiconductor localization trend [1] - The net loss was influenced by two main factors: a significant increase in R&D investment, which reached 498 million yuan, a 118% year-on-year growth, and stock-based compensation expenses of 83.21 million yuan for core employees [2][3] Balance Sheet Overview - Total assets grew from 3.428 billion yuan to 4.208 billion yuan, indicating substantial expansion [4] - Total liabilities surged to 1.77 billion yuan, a 74.06% increase, with the debt-to-asset ratio rising to 42.07% [4] - Inventory reached 1.747 billion yuan, a 57.08% increase, exceeding current revenue, indicating potential market demand uncertainty [4] Cash Flow Situation - The operating cash flow net amount was -313 million yuan, significantly down from the previous year due to increased raw material procurement and R&D expenses [4] - Investment cash flow saw a cash inflow of 552 million yuan from redeeming financial products, but financing cash flow turned negative at -24.59 million yuan due to reduced external financing and debt repayments [4] Overall Assessment - Zhongke Feimeasure exhibited a "high revenue growth + high investment" characteristic in 2024, but short-term profitability was hindered by R&D and stock incentive costs [5] - The company faces challenges related to operating cash flow and inventory pressure, while being at a critical juncture for technological breakthroughs and market validation [5]