BOOMY(SH:688290) Sou Hu Cai Jing·2025-04-18 13:59Core Viewpoint - Jingye Intelligent reported a total revenue of 276 million yuan for 2024, representing a year-on-year growth of 7.94%, while the net profit attributable to shareholders was 38 million yuan, up 8.40% year-on-year. However, the non-recurring net profit was only 17.18 million yuan, with a modest growth of 5.67% year-on-year and a significant rolling quarter-on-quarter decline of 20.23%, indicating insufficient profitability in core business operations [1][4][6]. Business Structure Reform - In 2024, the company implemented a divisional reform, categorizing its operations into three main divisions: nuclear industry, military industry, and new products, aimed at enhancing operational efficiency through organizational optimization [4]. - The nuclear division focuses on spent fuel reprocessing and nuclear fuel component manufacturing, maintaining stable order growth; the military division emphasizes special robots and specific scenario equipment, generating new business increments; the new products division promotes diversification in civilian products through technology research and external resource integration [4][6]. Business Layout - Jingye Intelligent continues to deepen its engagement in the nuclear and military sectors, with steady progress in spent fuel reprocessing and nuclear fuel component manufacturing, showing significant order growth. The military business is gradually recovering through product layouts in special robots and specific scenario equipment, contributing to new business increments [4][5]. - Despite progress in the nuclear and military sectors, overall business growth faces challenges due to intense market competition and low profit margins in the nuclear industry, as well as fluctuating market demand and low order conversion rates in the military sector [5]. Organizational Capability Building - To enhance organizational effectiveness, the company has adopted performance incentive mechanisms and supply chain optimization in 2024, establishing a "iron triangle" collaborative model centered on projects to improve order acquisition and delivery acceptance efficiency [6]. - The establishment of a supply chain center through the operation of its subsidiary, Zhikong Technology Industrial Park, aims to streamline procurement, manufacturing, and assembly processes, enhancing overall supply chain capabilities [6]. - Despite significant resource investment in organizational capability building, the actual results remain to be observed, as the decline in non-recurring net profit indicates ongoing challenges in cost control and operational efficiency, particularly in project delivery and supply chain management [6]. Overall Assessment - Overall, Jingye Intelligent achieved a slight increase in revenue through divisional reform and business layout optimization in 2024, but the substantial decline in non-recurring net profit highlights the inadequacy of its core business profitability. The company needs to further deepen its efforts in the nuclear, military, and civilian product sectors to enhance operational efficiency and cost control for sustainable profit growth [6].