浙江众成2024年业绩下滑但四季度表现亮眼，需关注应收账款和现金流

Overview of Business Performance - In 2024, the total operating revenue of the company was 1.71 billion, a year-on-year decrease of 1.05% [1] - The net profit attributable to shareholders was 74.17 million, down 28.71% year-on-year [1] - The non-recurring net profit was 69.32 million, a decline of 26.05% year-on-year [1] - Despite the annual decline, the fourth quarter showed strong performance with total operating revenue of 463 million, an increase of 8.2% year-on-year [1] - The net profit for the fourth quarter was 29.58 million, up 85.33% year-on-year [1] - The non-recurring net profit for the fourth quarter was 30.69 million, an increase of 182.11% year-on-year [1] Profitability Analysis - The gross profit margin for 2024 was 16.38%, a decrease of 11.51% year-on-year [2] - The net profit margin was 1.16%, down 70.71% year-on-year [2] - Earnings per share were 0.08, reflecting a decline of 27.27% year-on-year [2] Expense Control and Cash Flow - Total sales, management, and financial expenses for 2024 amounted to 135 million, with a ratio of 7.88% of revenue, an increase of 6.56% year-on-year [3] - Operating cash flow per share was 0.29, an increase of 36.41% year-on-year, indicating improvement in cash flow from operations [3] Accounts Receivable and Debt Situation - As of the end of 2024, accounts receivable stood at 123 million, representing 165.66% of the latest annual net profit attributable to shareholders, indicating potential cash flow pressure [4] - Interest-bearing debt was 958 million, a decrease of 7.35% year-on-year, with an interest-bearing asset-liability ratio of 26.78% [4] Main Business Composition - The main business revenue primarily comes from POF cross-linked films and POF ordinary films, accounting for 21.53% and 21.69% of main revenue, respectively [5] - The gross profit margin for POF cross-linked films was the highest at 47.56%, while the gross profit margin for thermoplastic elastomers was -0.49%, indicating a loss [5] - Revenue from overseas business accounted for 32.67%, with a gross profit margin of 31.79%, higher than domestic business [5] Development Prospects and Risks - The company continues to maintain a leading position in the fields of heat shrink films and thermoplastic elastomers, with product sales exceeding 45,000 tons in 2024, ranking first in the domestic industry and second globally [6] - The company plans to continue advancing the research and development of new equipment and processes, optimizing product structure, improving product quality, and further expanding domestic and international markets [6] - However, the company faces risks such as fluctuations in raw material prices, supplier concentration, exchange rate volatility, and talent shortages [6] Summary - Overall, the company's performance in 2024 showed a decline, but the fourth quarter was outstanding [7] - The company needs to focus on accounts receivable and cash flow status while strengthening expense control and debt management to ensure sustainable development in the future [7]