Wanma Co., Ltd.(SZ:002276) Xin Lang Cai Jing·2025-04-18 21:39Core Insights - Zhejiang Wanma Co., Ltd. reported a significant increase in revenue for 2024, but net profit experienced a notable decline, indicating potential challenges in profitability despite revenue growth [1][3]. Revenue Performance - The company achieved a revenue of 17,760,670,819.02 yuan in 2024, marking a 17.46% increase from 15,121,002,138.17 yuan in 2023 [2]. - The power products segment generated revenue of 11,746,909,377.01 yuan, up 32.29%, driven by effective marketing strategies targeting large state-owned enterprises and an increase in international trade [2]. - The high polymer materials segment saw sales revenue of 5,185,422,712.29 yuan, a growth of 6.42%, reflecting ongoing international expansion [2]. - Conversely, the communication products segment reported a revenue decline of 42.39%, totaling 498,555,924.76 yuan, due to weakened customer demand and increased competition [2]. Profitability Challenges - The net profit attributable to shareholders was 341,165,194.38 yuan, down 38.57% from 555,405,257.57 yuan in 2023 [3]. - The net profit excluding non-recurring gains decreased by 31.68% to 288,243,585.06 yuan, primarily due to intensified market competition and a high base effect from asset disposal gains in the previous year [3]. - Subsidiaries such as Wanma High Polymer and Wanma Special Cable also reported declines in operating profit and net profit, influenced by market competition and high base effects [3]. Cost Management and R&D Investment - Sales expenses for 2024 were 633,824,827.91 yuan, a modest increase of 4.35% from 607,410,954.77 yuan in 2023, indicating effective cost control [4]. - Management expenses rose by 8.62% to 399,694,239.65 yuan, driven by increases in employee compensation and office expenses [4]. - Financial expenses decreased by 8.56% to 80,888,742.45 yuan, attributed to reduced interest expenses and changes in interest income and exchange gains [4]. - R&D expenses increased by 3.25% to 656,779,662.33 yuan, reflecting the company's commitment to innovation and enhancing product competitiveness [4]. Cash Flow Situation - The net cash flow from operating activities was 200,602,812.30 yuan, a decrease of 54.90% from 444,819,113.27 yuan in 2023, primarily due to increased procurement payments and extended payment terms [5]. - Cash flow from investment activities showed a net outflow of -500,976,000.00 yuan, a reduction of 15.44% compared to the previous year, influenced by increased margin outflows from hedging instruments [5]. - Cash flow from financing activities resulted in a net outflow of -193,018,518.03 yuan, a significant decrease of 251.85%, mainly due to reduced borrowing [5].