联得装备2024年财报：净利润增长37%，但现金流大幅下降

Core Viewpoint - The company achieved significant revenue and profit growth in 2024, but faces challenges in cash flow management [1][6][7] Financial Performance - The company reported total revenue of 1.396 billion yuan, a year-on-year increase of 15.63% [1] - Net profit attributable to shareholders reached 243 million yuan, up 37.06% year-on-year [1] - Non-recurring net profit was 229 million yuan, reflecting a 40.92% increase compared to the previous year [1] - Operating cash flow net amount decreased by 41.84% year-on-year, totaling 71.29 million yuan, indicating cash flow management issues [6] Business Operations - The company specializes in the research, production, and sales of new semiconductor display intelligent equipment, automotive intelligent cockpit systems, semiconductor packaging and testing equipment, and new energy equipment [4] - Significant progress was made in the semiconductor display automation module equipment sector, successfully entering new application fields such as automotive electronics [4] Technological Innovation - The company achieved notable growth through enhanced technological reserves and product research and development [5] - Key technologies developed include high vacuum curved surface bonding technology, material mechanics simulation technology, and machine vision control technology [5] - The company’s R&D investment totaled 121 million yuan, accounting for 8.65% of total revenue, highlighting its commitment to innovation [5] Cash Flow Management Challenges - The company’s financing activities resulted in a net cash flow of -219 million yuan, a decrease of 221 million yuan year-on-year [7] - Investment activities also showed a net cash flow of -82.90 million yuan, indicating financial pressure [7] - There is a need for improved cash flow management to maintain financial health amid rapid expansion [6][7] New Energy Equipment Opportunities - The company made significant advancements in the new energy equipment sector, focusing on lithium battery packaging and automation equipment [8] - Increased R&D investment in perovskite-related process equipment aims to capture industry growth opportunities [8] - The company is positioned to achieve greater breakthroughs in the new energy sector, potentially driving further revenue growth [8]