HANDLER(SZ:300201) Zheng Quan Zhi Xing·2025-04-17 22:36Core Viewpoint - Helen Zhe achieved significant growth in 2024, with total revenue and net profit increasing, indicating enhanced profitability and operational performance [1][2]. Financial Performance - Total revenue for 2024 reached 1.591 billion, a year-on-year increase of 17.69% - Net profit attributable to shareholders was 224 million, up 8.64% year-on-year - Non-recurring net profit was 204 million, showing a substantial increase of 48.17% year-on-year [1] Quarterly Performance - In Q4, total revenue was 589 million, a remarkable increase of 112.26% year-on-year - Net profit attributable to shareholders for Q4 was 90.56 million, up 24.21% year-on-year - Non-recurring net profit for Q4 reached 74.86 million, a significant increase of 428.11% year-on-year [2] Key Financial Indicators - Gross margin was 33.82%, an increase of 3.8% year-on-year - Net margin was 14.13%, a decrease of 6.38% year-on-year - Operating cash flow per share was -0.07, a decrease of 120.54% year-on-year - Earnings per share increased by 13.78% to 0.23 [7] Accounts Receivable and Cash Flow - Accounts receivable at the end of 2024 stood at 944 million, a year-on-year increase of 52.24% - Operating cash flow per share showed deterioration, indicating cash flow pressure due to increased cash payments for goods and services [4][8] Main Business Composition - Main revenue sources include power vehicles (29.11%), aerial work vehicles (24.11%), and repair vehicles (18.64%) - Power vehicles have the highest gross margin at 39.47% - Spare parts repair services, while only accounting for 9.12% of revenue, have a high gross margin of 48.23% [5] Development Strategy and Future Outlook - The company aims to achieve a net profit target of 392 million by 2025, focusing on innovation and smart manufacturing - The strategic goal for 2023-2025 includes enhancing core business areas and significantly increasing performance [6]