寒锐钴业2024年盈利能力增强，但需关注应收账款和费用增长

Core Insights - The company has significantly improved its profitability in 2024, with total operating revenue reaching 5.95 billion yuan, a year-on-year increase of 24.25%, and net profit attributable to shareholders of 202 million yuan, up 45.85% [1] - Despite the revenue and profit growth, the accounts receivable ratio to profit is high at 124.24%, indicating potential bad debt risks or collection pressures [2] - The company has shown strong cash flow management, with net cash flow from operating activities increasing by 228.35% year-on-year [3] Revenue and Profitability - Total operating revenue for 2024 was 5.95 billion yuan, a 24.25% increase year-on-year [1] - Net profit attributable to shareholders was 202 million yuan, reflecting a 45.85% increase [1] - Gross margin improved to 16.32%, up 2.13% year-on-year, while net margin increased to 3.85%, a rise of 18.61% [1] Accounts Receivable and Expenses - Accounts receivable decreased to 250 million yuan, down 27.41% from 345 million yuan in 2023 [2] - The ratio of accounts receivable to profit is 124.24%, indicating potential risks [2] - Total sales, management, and financial expenses reached 323 million yuan, with a year-on-year increase of 19.79% [2] Cash Flow and Asset Status - Net cash flow from operating activities was 1.85 yuan per share, a significant increase of 228.35% year-on-year [3] - The net cash flow from investing activities showed a decline of 337.63% due to investments in various projects [3] - Cash and cash equivalents amounted to 1.928 billion yuan, a 10.90% increase, indicating strong liquidity [4] Summary - The company has demonstrated enhanced profitability with improved margins, but high accounts receivable relative to profit and rising expenses, particularly financial costs, warrant attention [5] - Overall, the company maintains a healthy cash flow and asset position, but must remain cautious regarding potential financial risks [5]