中金岭南：2024年盈利能力显著提升但现金流承压

Core Viewpoint - 中金岭南在2024年年报中显示出盈利能力显著提升，尽管营业总收入有所下降 [2][8] Operating Overview - 公司2024年营业总收入为598.62 billion, a decrease of 8.81% year-on-year, while net profit attributable to shareholders reached 10.82 billion, an increase of 57.30% [2] Quarterly Performance - In Q4, total revenue was 141.4 billion, up 10.48% year-on-year, with net profit of 2.82 billion, a remarkable increase of 1100.29% [3] Profitability - The gross profit margin for the reporting period was 6.08%, an increase of 25.37%, and the net profit margin was 2.21%, up 39.28% [4] Cash Flow Situation - Operating cash flow per share was 0.21, down 49.35% year-on-year, indicating cash flow pressure [5] Asset and Liability Situation - As of the end of the reporting period, monetary funds were 26.76 billion, down 25.95%, and interest-bearing liabilities were 200.32 billion, up 10.82% [6] Dividends and Financing - The cumulative financing amount since listing is 43.19 billion, with total dividends of 40.65 billion, indicating a generous dividend policy [7] Summary - Overall, 中金岭南 shows significant improvement in profitability in 2024, especially in Q4, but faces cash flow pressure and high interest-bearing liabilities [8]