镇海股份2024年年报解读：营收下滑11.60%，投资现金流净额骤降173.34%

Core Insights - The company reported a revenue of 517,541,996.31 yuan for 2024, a decrease of 11.60% compared to 2023, primarily due to slower project implementation [1][2] - Net profit attributable to shareholders was 97,236,845.34 yuan, down 3.97% from the previous year, indicating a slight decline in profitability [2] - The company maintained a net profit margin of 18.79%, reflecting its ability to generate profit despite revenue decline [2] Financial Performance - Revenue Breakdown: - Engineering contracting revenue was 388,594,637.21 yuan, down 13.71% - Engineering design revenue was 108,776,912.67 yuan, down 4.72% - Other business revenue was 18,624,700.04 yuan, down 4.07% [2] - Earnings Per Share: - Basic EPS was 0.41 yuan, a decrease of 2.38% - Deducted non-recurring gains, EPS was 0.34 yuan, down 5.56% [2] Expense Analysis - Sales Expenses: - Total sales expenses were 3,395,401.30 yuan, a decrease of 23.69% [3] - Management Expenses: - Total management expenses were 34,789,571.47 yuan, an increase of 4.89% [3] - R&D Expenses: - Total R&D expenses were 33,524,732.90 yuan, accounting for 6.48% of revenue, indicating ongoing investment in innovation [5] Cash Flow and Investment - Operating Cash Flow: - Net cash flow from operating activities was 49,952,509.47 yuan, a decrease of 10.45% [4] - Investment Cash Flow: - Net cash flow from investment activities was -88,208,058.63 yuan, a significant decrease of 173.34% [4] - Financing Cash Flow: - Net cash flow from financing activities was -31,029,164.01 yuan, consistent with the previous year [4] R&D and Talent - R&D Team: - The company has 70 R&D personnel, representing 18.09% of total staff, with a focus on attracting high-end talent [6] - R&D Achievements: - Completed 27 technology projects and filed 3 patent applications, receiving 7 patents [5] Overall Assessment - The company faces challenges with declining revenue and cash flow, while maintaining R&D investment to enhance competitive advantage. It must navigate market changes and competition to improve profitability and sustainability [15]