隆华科技2024年年报解读：经营活动现金流骤降，财务费用大幅增长

Revenue Performance - The company's operating revenue for 2024 was 2,710,665,159.80 yuan, representing a 9.87% increase from 2,467,153,920.09 yuan in 2023 [1] - Manufacturing revenue accounted for 86.48% of total revenue, growing by 10.73% to 2,344,215,864.22 yuan, while engineering contracting and service revenue made up 13.52%, increasing by 4.70% to 366,449,295.58 yuan [1] - Electronic new materials revenue surged by 43.38% to 678,255,804.47 yuan, constituting 25.02% of total revenue, driven by increased orders [1] - The company experienced significant growth in specific regions, with the Southwest region increasing by 70.76%, South China by 62.70%, and international markets by 41.67% [1] Profitability Analysis - The net profit attributable to shareholders was 131,039,702.41 yuan, a 3.37% increase from 126,770,514.93 yuan in 2023 [2] - However, the net profit excluding non-recurring items decreased by 11.57% to 115,671,114.27 yuan from 130,810,790.15 yuan in 2023, indicating pressure on core business profitability [2] - Basic earnings per share rose to 0.15 yuan, up 7.14% from 0.14 yuan in 2023, while the potential decline in non-recurring earnings per share suggests concerns regarding the quality of core business earnings [3] Expense Overview - Financial expenses increased significantly by 24.60% to 50,100,709.87 yuan, with interest expenses rising from 71,729,336.88 yuan to 79,258,643.49 yuan, indicating a heavier debt burden [4] - Sales expenses grew by 8.38% to 116,121,560.90 yuan, and management expenses increased by 8.55% to 134,329,222.73 yuan, reflecting stable investment in market promotion and management [4] - Research and development expenses amounted to 125,138,815.40 yuan, a 7.90% increase, representing 4.62% of operating revenue, showing the company's commitment to technological innovation [4] Cash Flow Analysis - The net cash flow from operating activities was -44,829,309.31 yuan, a drastic decrease of 132.53% from 137,797,398.96 yuan in 2023, primarily due to increased payments to secure raw material prices [6][7] - Cash inflow from investment activities was 1,256,218,172.13 yuan, up 13.61%, while cash outflow increased by 46.66% to 1,526,033,938.76 yuan, resulting in a net cash flow of -269,815,766.63 yuan, indicating significant investment expenditures [7] - Cash inflow from financing activities rose by 93.78% to 935,069,510.66 yuan, with a net cash flow of 252,378,149.17 yuan, reflecting the company's efforts to raise funds for business development [8] R&D Personnel Changes - The total number of R&D personnel decreased, with master's degree holders dropping from 63 to 52, a change of -17.46%, while personnel with less than a bachelor's degree increased from 62 to 106, a change of 70.97% [5] - The age distribution of R&D staff shifted, with those under 30 decreasing from 101 to 77, while those over 40 increased from 83 to 108, indicating a strategic adjustment towards more experienced talent [5] Executive Compensation - The total pre-tax compensation for the chairman was 1.45 million yuan, while the vice chairman received 1.4709 million yuan, and the general manager received 1.35 million yuan, reflecting a compensation structure linked to company performance [9]