长青股份2024年年报解读：净利润暴跌264.06%，经营与投资现金流现背离

Core Viewpoint - Jiangsu Changqing Agricultural Chemical Co., Ltd. (hereinafter referred to as "Changqing Co.") reported a significant decline in net profit for 2024, despite a substantial increase in operating cash flow, indicating underlying challenges in the business environment [1]. Financial Performance Summary - Revenue slightly decreased to 3.524 billion yuan, down 2.49% from 3.614 billion yuan last year, primarily due to intense market competition [2]. - The pesticide business, accounting for 97.04% of total revenue, saw a 2.85% decline, with herbicides down 7.13% and fungicides down 5.76%, while insecticides increased by 2.94% [2]. - Net profit attributable to shareholders plummeted to -120 million yuan, a 264.06% decrease from 73 million yuan last year, driven by weak market demand and price declines [3]. - Basic earnings per share fell to -0.1882 yuan, a 267.14% drop from 0.1126 yuan, reflecting the decline in profitability [4]. Expense Analysis - Sales expenses increased by 4.01% to 56 million yuan, indicating ongoing investment in market promotion despite declining revenue [5]. - Management expenses remained stable at 135 million yuan, suggesting potential inefficiencies in operational cost control [6]. - Financial expenses slightly decreased by 1.18% to 62 million yuan, but the company still faces significant debt pressure with short-term borrowings of 1.447 billion yuan and long-term borrowings of 1.404 billion yuan [7]. - R&D expenses decreased by 6.56% to 163 million yuan, raising concerns about future innovation and competitiveness [8]. Cash Flow Analysis - Operating cash flow net amount surged to 318 million yuan, a 444.56% increase from -92 million yuan last year, attributed to effective cost control and asset management [10]. - Investment cash flow net outflow expanded to -907 million yuan, a 77.57% increase, reflecting significant capital expenditures for asset acquisition [11]. - Financing cash flow net amount decreased to 474 million yuan, down 19.61%, indicating a balance between fundraising and debt repayment [12]. R&D and Personnel Changes - R&D investment intensity remained stable at 5.53% of revenue, with ongoing projects that could provide future growth opportunities [13]. - The number of R&D personnel decreased by 3.55% to 353, which may impact the pace of innovation despite a slight increase in the proportion of higher-educated staff [14].