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钱江生化2024年业绩下滑显著,需关注应收账款及债务风险

Financial Overview - The total operating revenue for Qianjiang Biochemical in 2024 was 1.768 billion, a year-on-year decrease of 13.08% [2] - The net profit attributable to shareholders was 160 million, down 24.06% year-on-year [2] - The net profit after deducting non-recurring gains and losses was 133 million, a decline of 35.18% year-on-year [2] - In Q4, the total operating revenue was 468 million, a decrease of 33.75% year-on-year [2] - The net profit attributable to shareholders in Q4 was 31.14 million, down 56.18% year-on-year [2] - The net profit after deducting non-recurring gains and losses in Q4 was 7.27 million, a significant drop of 90.5% year-on-year [2] Key Financial Indicators - Accounts receivable accounted for 577.51% of the net profit attributable to shareholders, indicating a high risk of collection [4] - Interest-bearing liabilities increased by 29.43% year-on-year to 2.627 billion [4] - The interest-bearing asset-liability ratio reached 31.11%, raising concerns about the company's debt repayment capacity [4] Cash Flow Situation - The company's cash and cash equivalents amounted to 948 million, an increase of 8.24% year-on-year [5] - The ratio of cash and cash equivalents to current liabilities was only 96.4%, indicating cash flow pressure [5] Main Business Analysis - The wastewater treatment and recycling business generated 499 million in revenue, accounting for 28.20% of total revenue with a gross margin of 44.66% [6] - The engineering installation and material sales business had revenue of 402 million, representing 22.76% of total revenue with a gross margin of 16.64% [6] - The bio-pesticide business generated 256 million in revenue, accounting for 14.50% of total revenue with a gross margin of 18.27% [6] - The steam and waste incineration businesses reported losses of 36.28 million and 12.47 million, respectively [6] Development Review and Outlook - In 2024, the company made progress in the ecological environment, bio-pesticides, and water operations sectors, but overall performance was poor [7] - The company plans to continue project construction, enhance technological innovation, and optimize industrial layout [7] - Industry competition, project investment risks, and safety and environmental risks remain areas of concern [7] Summary - Qianjiang Biochemical's financial performance in 2024 was weak, particularly in net profit and net profit after deducting non-recurring gains and losses [8] - The company needs to closely monitor accounts receivable collection and debt risks to ensure sustainable development in the future [8]