北京君正2024年年报解读：营收净利双降，多项风险需关注

Core Insights - Beijing Junzheng's 2024 annual report indicates a decline in both revenue and net profit, highlighting significant challenges faced by the company over the past year [1] Financial Key Indicators Analysis - Revenue decreased to 4.21 billion yuan, down 7.03% from 4.53 billion yuan in 2023, primarily due to weak market demand in key sectors such as automotive and industrial for storage chips [2] - Storage chip revenue fell by 11.06% to approximately 2.59 billion yuan, while computing chip revenue slightly declined by 1.65% to about 1.09 billion yuan, despite some growth in specific areas like biometrics [2] - Analog and interconnected chip revenue increased by 15.31% to around 471 million yuan, benefiting from the growth in the domestic new energy vehicle market [2] Net Profit Decline Analysis - Net profit attributable to shareholders was approximately 366 million yuan, a decrease of 31.84% from about 537 million yuan in 2023, driven by reduced revenue and increased costs [3] - The implementation of a restricted stock incentive plan added approximately 45 million yuan in expenses, and asset depreciation and amortization from acquisitions impacted the financial results by about 36.9 million yuan [3] Core Business Profitability Challenges - The net profit excluding non-recurring items was approximately 312 million yuan, down 36.52% from about 491 million yuan in 2023, indicating significant challenges to the core business's profitability [4] Earnings Per Share Decline - Basic earnings per share were 0.7604 yuan, down 31.84% from 1.1156 yuan in 2023, while the diluted earnings per share excluding non-recurring items were 0.6478 yuan, a decrease of 36.52% [5] Expense Analysis - Management expenses increased by 20.31% to approximately 215 million yuan, raising concerns about resource allocation efficiency [6] - Sales expenses slightly decreased by 5.90% to about 295 million yuan, suggesting a need for improved sales strategies and market promotion efforts [7] - Financial expenses improved, showing a negative value of approximately -75 million yuan, indicating that interest income exceeded interest expenses [8] Research and Development Investment - R&D expenses were approximately 681 million yuan, a slight decrease of 3.81% from about 708 million yuan in 2023, reflecting the company's ongoing commitment to technological innovation [10] Cash Flow Analysis - Net cash flow from operating activities was approximately 363 million yuan, down 34.88% from about 558 million yuan in 2023, indicating weakened cash generation capabilities [11] - Net cash flow from investing activities was -2.71 billion yuan, a decrease of 9.76% from -3 billion yuan in 2023, primarily due to reduced cash inflows from maturing bank wealth management products [12] - Net cash flow from financing activities was -106 million yuan, a significant decline of 225.93% from -32 million yuan in 2023, largely due to increased cash distributions to shareholders [13]