天银机电2024年年报解读：净利润大增175.80%，经营现金流却下滑46.59%

Core Viewpoint - Tianyin Electromechanical Co., Ltd. reported a significant increase in net profit by 175.80% for the year 2024, despite a notable decline in operating cash flow by 46.59%, indicating a divergence in financial performance across its business segments [1][2][7]. Revenue Performance - The company achieved a revenue of 1,047,814,599.45 yuan, a slight increase of 0.63% year-on-year. The home appliance parts segment saw a revenue increase of 16.44% to 640,320,521.94 yuan, driven by the implementation of the old-for-new policy. In contrast, the radar and aerospace electronics segment experienced a revenue decline of 17.07% to 407,494,077.51 yuan due to delays in military orders and internal adjustments within the industry [2]. Profitability - The net profit attributable to shareholders reached 90,407,354.80 yuan, reflecting a substantial growth of 175.80%. This increase was supported by effective cost control, product innovation, and contributions from non-recurring gains totaling 19,836,964.41 yuan, which included asset disposal gains and government subsidies. The core net profit, excluding non-recurring items, grew by 126.87% to 70,570,390.39 yuan, indicating enhanced profitability from core operations [2][3]. Earnings Per Share - Basic earnings per share increased to 0.2127 yuan, up 175.88% year-on-year. The diluted earnings per share, excluding non-recurring items, rose to 0.1660 yuan, aligning with the overall profit growth trend and reflecting improved shareholder returns [3]. Expense Management - Sales expenses rose by 4.47% to 17,491,480.07 yuan due to business expansion. Management expenses remained stable at 66,007,189.38 yuan, increasing by 1.69%. Financial expenses showed a significant decrease of 148.09%, resulting in a net financial income of -761,794.31 yuan, primarily due to reduced interest expenses and increased foreign exchange gains [4][5]. Research and Development - R&D expenditures amounted to 80,458,019.70 yuan, representing 7.68% of total revenue, with a 0.67% increase year-on-year. The number of R&D personnel grew by 13.04% to 390, with a notable increase in master's degree holders by 53.19%, supporting ongoing technological innovation [6]. Cash Flow Analysis - Operating cash flow decreased by 46.59% to 95,538,550.06 yuan, primarily due to increased cash outflows for goods and services. Investment cash flow improved significantly, reaching 31,897,099.18 yuan, a 163.28% increase year-on-year, driven by the dissolution of a subsidiary and increased deposits. Financing cash flow was -60,987,663.51 yuan, a decrease of 3.56% due to higher bank loan activities and dividend distributions [7][8]. Management Compensation - The overall management compensation remained stable, with the chairman and general manager receiving 600,000 yuan each, while the vice president received 600,000 yuan and the financial director received 209,500 yuan. Compensation decisions are based on position, responsibility, capability, and market salary trends, linked to company performance [9].