和顺电气2024年财报：营收增长26.5%，净利润却暴跌488%

Core Viewpoint - The financial report of Heshun Electric for 2024 indicates significant revenue growth but a drastic decline in profitability, highlighting issues in cost control and business expansion [1][4][8]. Revenue Growth - Heshun Electric achieved total revenue of 428 million yuan in 2024, representing a year-on-year increase of 26.52% [1][4]. - The power equipment segment generated 265 million yuan, with a modest growth of 0.72%, remaining the primary revenue source [4]. - The anti-theft energy metering devices and installation services saw substantial revenue increases of 304.13% and 214.25%, respectively, emerging as new growth drivers [4]. Profitability Decline - The net profit attributable to shareholders plummeted to -27 million yuan, a decline of 488.14% compared to 2023, which reported a profit of 7 million yuan [1][4]. - The non-recurring net profit also fell sharply from 9.48 million yuan to -28.99 million yuan, indicating severe profitability challenges [1][4]. Cost Control Issues - The company's operating costs rose to 345 million yuan, a year-on-year increase of 29.5%, outpacing revenue growth and leading to a decrease in gross margin from 24.01% to 19.29% [7]. - In the power equipment segment, operating costs reached 213 million yuan, with a gross margin of only 19.83%, suggesting inefficiencies in material procurement and production [7]. New Energy Business - Heshun Electric's new energy initiatives showed promise, with the charging device segment generating 30 million yuan, up 129.49%, and the photovoltaic business reaching 25 million yuan, a growth of 5.11% [5][6]. - Despite the revenue growth in the charging device segment, its gross margin was only 3.28%, significantly lower than the overall company margin [5]. - The photovoltaic segment had a higher gross margin of 42.98%, but its revenue contribution was limited at 5.88% of total revenue [5][6]. Financial Pressure - The company reported a net cash flow from operating activities of 99.99 million yuan, a 62.32% increase, indicating improved cash flow management [7]. - However, cash flow from investing activities was -55.19 million yuan, and from financing activities was -12.38 million yuan, reflecting ongoing pressures in capital expenditure and financing [7]. - The inventory value decreased to 24.29 million yuan, with a significant write-down provision of 22.64 million yuan, indicating challenges in inventory management and market demand forecasting [7].