浙江众成2024年年报解读：净利润下滑28.71%，现金流增长36.41%

Core Viewpoint - Zhejiang Zhongcheng Packaging Materials Co., Ltd. reported a slight decline in revenue and a significant drop in net profit for the year 2024, while maintaining a positive cash flow from operating activities and continuing investment in research and development [1][15]. Financial Performance - Revenue for 2024 was 1,710,148,185.71 yuan, a decrease of 1.05% from 1,728,354,309.70 yuan in the previous year. The growth in the plastic products segment (6.42%) was offset by a decline in synthetic rubber manufacturing (10.40%) [2]. - Net profit attributable to shareholders was 74,166,313.86 yuan, down 28.71% from 104,035,271.48 yuan, primarily due to losses from a subsidiary and significant asset impairment provisions [2]. - The net profit after excluding non-recurring items was 69,322,968.19 yuan, reflecting a 26.05% decline, indicating a decrease in core business profitability [3]. Earnings Per Share - Basic earnings per share for 2024 was 0.08 yuan, down 27.27% from 0.11 yuan, consistent with the decline in net profit [4]. - The diluted earnings per share, excluding non-recurring items, was also 0.08 yuan, a decrease of approximately 20% from the previous year [4]. Expense Analysis - Sales expenses increased by 15.58% to 34,931,763.10 yuan, likely due to efforts to expand market reach [5]. - Management expenses rose by 3.99% to 93,271,353.59 yuan, reflecting normal operational cost increases [5]. - Financial expenses decreased by 16.72% to 6,630,693.29 yuan, attributed to optimized debt structure [5]. - Research and development expenses grew by 4.26% to 69,813,603.06 yuan, representing 4.08% of revenue, indicating a commitment to innovation [5][8]. Cash Flow Performance - Net cash flow from operating activities was 258,485,439.19 yuan, an increase of 36.41% from 189,496,699.77 yuan, indicating improved cash collection from sales [6]. - Net cash flow from investing activities was -129,400,110.34 yuan, reflecting increased cash outflows for investments [7]. - Net cash flow from financing activities was -114,101,083.02 yuan, a significant decrease, suggesting a shift in financing strategy [7]. Research and Development - R&D investment increased by 4.26% to 69,813,603.06 yuan, with successful projects in high-barrier packaging films, enhancing market potential [8]. - The number of R&D personnel decreased by 5.15% to 129, but R&D spending remained stable, indicating improved efficiency [9].