BOW(SZ:300070) Jin Rong Jie·2025-04-21 03:18Core Insights -碧水源 has been a leader in membrane technology for water treatment and environmental protection since its listing in April 2010, with a focus on innovation and green low-carbon initiatives [1] - The company has faced significant financial volatility over the past five years, with a notable decline in revenue and net profit in 2024 [2] - The market capitalization of碧水源 has decreased by over 26% from its initial value, reflecting challenges in profitability and increasing liabilities [4] Business Overview -碧水源 specializes in membrane technology research and development, wastewater treatment, and seawater desalination, with products like MBR membranes and reverse osmosis membranes used in various sectors [1] - The company is expanding its international presence, particularly in Southeast Asia and Africa, and has received recognition for its seawater desalination and industrial wastewater treatment projects [1] Financial Performance - In 2024,碧水源 reported revenue of 8.549 billion yuan, a year-on-year decrease of 4.51%, and a net profit of 58.58 million yuan, down 92.34% year-on-year [2] - The fluctuations in revenue and profit are attributed to changes in the macroeconomic environment and losses from key equity investments, particularly in Yunnan Water [2] - Accounts receivable increased significantly from 9.548 billion yuan at the end of 2022 to 12.4 billion yuan, indicating pressure on cash flow [2] Market Position -碧水源's market capitalization has fallen from 22.315 billion yuan at the time of listing to 16.091 billion yuan currently, highlighting the impact of declining profits, rising debt, and increasing accounts receivable [4] - Despite its strong technical advantages and market position in the environmental protection industry,碧水源 faces intensified competition and pressure in the global market [4]