营收净利双降 林州重机应收账款“三连增”

Core Viewpoint - Linzhou Heavy Machinery Group Co., Ltd. has not issued cash dividends for the 2024 fiscal year, marking a continuous 10-year period without cash dividends since 2015, while experiencing a significant decline in both revenue and net profit [1][6][7]. Financial Performance - In 2024, the company reported a revenue of 1.684 billion yuan, a year-on-year decrease of 8.38%, and a net profit attributable to shareholders of 95.34 million yuan, down 18.47%. The non-recurring net profit was 54.53 million yuan, reflecting a 52.3% decline [2][4]. - The core business, which includes coal mining machinery and comprehensive services, saw a revenue of 1.644 billion yuan, a decrease of 7.30%, with a gross margin of 27.88%, down 0.52 percentage points from the previous year [3]. Business Segments - The coal machinery segment generated 1.476 billion yuan, down 8.57%, while the coal mining comprehensive service segment increased by 5.50% to 168 million yuan, with a gross margin of 38.17%, up 2.43 percentage points [3]. - Revenue from the Southwest region surged to 15.75 million yuan, a staggering increase of 4481.18%, although it still accounted for less than 1% of total revenue [3]. Accounts Receivable - The company's accounts receivable have shown a continuous increase over the past three years, reaching 851 million yuan by the end of 2024, which is a 64.05% increase from the previous year [5]. - The proportion of accounts receivable to total assets has also risen, reaching 19.84% by the end of 2024, compared to 8.04% in 2021 [5]. Dividend Policy - The company has not declared any cash dividends for 2024 and has not issued bonus shares or converted reserves into share capital [6][7]. - Since its listing in 2011, Linzhou Heavy Machinery has distributed cash dividends only five times between 2010 and 2014, totaling approximately 185 million yuan, while accumulating a net profit loss of 1.789 billion yuan [7]. Future Outlook - For 2025, the company plans to focus on deepening its coal machinery and mining service markets, while also expanding into military manufacturing, electro-hydraulic control, remanufacturing, and overseas markets [7].