安靠智电2024年年报：营收增长但利润下滑，应收账款高企需关注

Financial Overview - The total operating revenue for the company in 2024 was 1.085 billion yuan, an increase of 13.21% year-on-year, while the net profit attributable to shareholders was 183 million yuan, a decrease of 10.5% year-on-year, indicating a decline in profitability despite revenue growth [1] - In the fourth quarter, the total operating revenue was 416 million yuan, showing a strong growth of 49.03% year-on-year, with a net profit attributable to shareholders of 47.37 million yuan, an increase of 7.93% year-on-year, although the non-recurring net profit decreased by 6.91% [2] Accounts Receivable - The accounts receivable for 2024 amounted to 864 million yuan, which is 471.34% of the net profit attributable to shareholders, indicating a high ratio that may impact cash flow and requires close monitoring of receivables collection [4] Cash Flow and Liabilities - The company’s main business revenue primarily comes from the power industry, accounting for 98.78% of total revenue. Specific product revenues include: - Smart modular substations: 379 million yuan (34.92% of total revenue, gross margin of 22.31%) - GIL products and system services: 232 million yuan (21.35% of total revenue, gross margin of 49.88%) - 110(66)kV cable connectors: 126 million yuan (11.58% of total revenue, gross margin of 30.41%) [5] Key Financial Metrics - Gross margin was 34.16%, a decrease of 17.69% year-on-year - Net margin was 17.11%, a decrease of 19.1% year-on-year - Operating expenses accounted for 9.57% of revenue, a decrease of 15.29% year-on-year - Earnings per share were 1.12 yuan, a decrease of 10.4% year-on-year, while the net asset per share increased by 6.05% to 17.21 yuan [8] Cash and Debt - Cash and cash equivalents amounted to 211 million yuan, an increase of 9.18% year-on-year - Interest-bearing debt decreased by 25.74% to 75.73 million yuan - Net cash flow from operating activities increased by 102.57%, primarily due to an increase of 132.28 million yuan in cash received from sales of goods and services [9] Development Outlook - The company focuses on innovation and research in cable connector systems, GIL systems, smart modular substations, and smart sponge energy storage systems, providing comprehensive services across the power industry chain. Despite significant progress in technology and market expansion, the company faces risks from industry policy changes, market competition, product quality, and technology leakage. The company plans to address these challenges through continuous innovation, market expansion, and internal management optimization [6][7]