*ST天龙2024年年报简析：净利润减218.14%，公司应收账款体量较大

Core Viewpoint - *ST Tianlong (300029) reported a significant decline in financial performance for the 2024 fiscal year, with total revenue dropping by 56.26% year-on-year and a net loss of 27.30 million yuan, marking a 218.14% increase in losses compared to the previous year [1] Financial Performance Summary - Total revenue for 2024 was 161 million yuan, down from 368 million yuan in 2023, reflecting a decrease of 56.26% [1] - The net profit attributable to shareholders was -27.30 million yuan, compared to -8.58 million yuan in 2023, indicating a worsening of 218.14% [1] - The net profit excluding non-recurring items was -27.07 million yuan, a decline of 80.32% from -15.01 million yuan in the previous year [2] - Cash and cash equivalents decreased by 54.68%, from 41.80 million yuan to 18.94 million yuan [1] - Accounts receivable stood at 131 million yuan, down 42.80% from 230 million yuan [1] - Gross margin improved to 14.38%, up 81.26% from 7.93% in the previous year [1] - Net margin was -17.04%, a significant drop of 627.60% from -2.34% [1] - Earnings per share decreased to -0.14 yuan from -0.04 yuan, a decline of 218.22% [1] - Operating cash flow per share was -0.06 yuan, down 165.92% from 0.09 yuan [1] Financial Condition Insights - The company has a high accounts receivable ratio, with accounts receivable accounting for 81.59% of total revenue [1] - Management expenses increased by 38.48%, attributed to salary and litigation agency fees [2] - Financial expenses surged by 530.05%, due to funds occupied by Jiangsu Tianmu and Shengnaji case [2] - The net cash flow from operating activities decreased by 165.92%, primarily due to increased cash payments for goods and services [2] - The company has raised a total of 909 million yuan since its listing, with cumulative dividends amounting to 80 million yuan, resulting in a dividend-to-financing ratio of 0.09 [2] - The cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 39.95%, and the average operating cash flow over the past three years being -49.54% of current liabilities [2]