上市莞企年报观察｜东莞控股2024年营收断崖式下跌，新能源业务整体亏损

Core Viewpoint - Dongguan Development Holdings Co., Ltd. reported a mixed performance for 2024, with significant revenue decline but notable profit growth, primarily due to asset disposals and investment gains [1][2]. Revenue and Profit Summary - The company achieved a revenue of 1.692 billion yuan in 2024, a year-on-year decrease of 63.91% [1][2]. - The net profit attributable to shareholders was 955 million yuan, an increase of 43.26% year-on-year [1][2]. - The non-recurring net profit was 827 million yuan, up 34.63% year-on-year [1]. Business Segment Performance - The highway toll revenue was 1.323 billion yuan, accounting for 78.19% of total revenue, with a year-on-year decline of 3.06% [3]. - Revenue from leasing and factoring business was 256 million yuan, making up 15.16% of total revenue [3]. - The revenue from the new energy vehicle charging and swapping business was 86 million yuan, representing 5.10% of total revenue [3]. Highway Operations - The Dongguan-Shenzhen Expressway remains the primary revenue source, with traffic volume reaching 125.53 million vehicles, a slight increase of 0.3% year-on-year [3]. - The decline in toll revenue was attributed to increased rainfall and competition from the newly opened Wanfan Expressway [3]. - The toll rights for the expressway will expire in 2027, with ongoing expansion projects facing potential policy risks [3][4]. New Energy Business - The new energy business is currently underperforming, with a total loss of 28.37 million yuan from subsidiaries [5][6]. - The company has established 144 charging stations and 16 battery swapping stations, with a total power capacity of 227.4 MW [6][7]. - Despite current losses, the company remains optimistic about the new energy sector, planning to accelerate the development of charging networks and explore integrated energy solutions [7]. Research and Development - R&D expenses were significantly reduced to 4.13 million yuan, a decline of 52.63% year-on-year, with a decrease in R&D personnel by 11.76% [7]. - The company holds six patents in the charging station business but has a low R&D intensity compared to industry averages [7].