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航天南湖2024年财报:营收暴跌70%,净利润亏损7800万

Core Insights - The company reported a significant decline in both revenue and profit for 2024, with total revenue dropping to 218 million yuan, a decrease of 69.98% year-on-year, and a net loss of 78.23 million yuan, down 176.36% from a profit of 102 million yuan in 2023 [1][4] - Despite maintaining a high level of R&D investment, accounting for 44.44% of total revenue, the overall operational situation remains challenging, with short-term benefits from R&D investments being limited [1][7] Revenue and Profit Decline - The company's total revenue fell sharply from 726 million yuan in 2023 to 218 million yuan in 2024, marking a decline of 69.98% [4] - The net profit turned from a profit of 102 million yuan in 2023 to a loss of 78.23 million yuan in 2024, reflecting a year-on-year decrease of 176.36% [4] - The fourth quarter of 2024 saw a further decline in revenue to 132 million yuan, down 28.75% quarter-on-quarter, and a net loss of 20 million yuan, a staggering drop of 2824.01% [4] Product Structure and Market Dependency - The company's product structure is heavily reliant on radar and related equipment, which generated 89 million yuan in revenue in 2024, a significant decline of 84.89% [5] - The gross margin for radar and related equipment decreased by 26.77 percentage points to 6.47% [5] - The company’s revenue from radar components increased by 4.13% to 111 million yuan, with a gross margin of 27.65%, down 0.69 percentage points [5] Regional Performance - The North China region accounted for the largest share of revenue, generating 164 million yuan in 2024, a decline of 75.27% [6] - The gross margin in North China decreased by 14.65 percentage points to 18.95% [6] - In contrast, the Southwest region saw a revenue increase of 281.63% to 33 million yuan, with a gross margin rise of 25.71 percentage points to 17.73% [6] R&D Investment - The company maintained a high R&D investment of 96.79 million yuan in 2024, representing 44.44% of total revenue [7] - The workforce included 345 R&D personnel, making up 42.23% of total employees [7] - The company added 8 new patents in 2024, including 6 defense patents, bringing the total to 56 invention patents and 83 utility model patents [7]