延江股份：2024年营收与利润双增，但现金流和应收账款值得关注

Core Insights - The company reported a total revenue of 1.485 billion yuan for 2024, representing a year-on-year growth of 17.96% [1] - The net profit attributable to shareholders reached 27.2843 million yuan, with a year-on-year increase of 30.72% [1] - The net profit excluding non-recurring items was 17.9289 million yuan, showing a significant growth of 67.18% year-on-year [1] Financial Performance - The total sales, management, and financial expenses amounted to 160 million yuan, accounting for 10.78% of revenue, which is a decrease of 6.3% year-on-year [2] - The gross profit margin was 18.33%, an increase of 5.09% year-on-year [6] - The net profit margin was 2.03%, reflecting a year-on-year growth of 28.22% [6] - Earnings per share were 0.08 yuan, up by 33.33% year-on-year [6] Cash Flow and Asset Status - The net cash flow from operating activities decreased by 52.68% year-on-year, primarily due to increased inventory to meet seasonal demand [4] - Cash inflows and outflows from investment activities fell by 64.48% and 51.58%, respectively, due to reduced amounts in redeeming and purchasing financial products [4] - The company's cash and cash equivalents decreased by 22.41% year-on-year, totaling 185 million yuan [6] Accounts Receivable and Debt Situation - Accounts receivable reached 326 million yuan, marking a year-on-year increase of 54.47% [6] - The ratio of accounts receivable to profit stood at 1196%, indicating a need for attention on receivables collection [7] - The company’s interest-bearing debt reached 1.01 billion yuan, with a year-on-year increase of 8.84% [6] - The interest-bearing asset-liability ratio was 36.96%, suggesting a need for monitoring the company's debt situation [7]