德尔股份财报解读：扣非净利润暴增1553.76%，筹资现金流净额骤降196.69%

Core Insights - The company, Del Automotive Parts Co., Ltd., reported significant growth in net profit and operating income for the year 2024, with a notable increase in profitability driven by cost control and market expansion efforts, particularly in the new energy vehicle sector [3][4]. Revenue - In 2024, the company achieved operating revenue of 4,513,484,787.40 yuan, a 4.98% increase from 4,299,433,799.79 yuan in 2023 [2]. - Revenue from noise reduction (NVH), thermal insulation, and lightweight products was 3,197,081,661.04 yuan, up 9.78% year-on-year [2]. - Revenue from electric motors, pumps, and mechanical pumps decreased by 4.16% to 1,211,224,089.54 yuan, while revenue from electronic control and automotive electronics fell by 12.54% to 68,474,087.58 yuan [2]. Profitability - The net profit attributable to shareholders was 32,427,524.33 yuan, a 151.73% increase from 12,881,659.17 yuan in 2023 [3]. - The net profit excluding non-recurring items surged by 1553.76% to 26,016,651.06 yuan from 1,573,177.45 yuan in the previous year [3]. Earnings Per Share - Basic earnings per share rose to 0.22 yuan, a 144.44% increase from 0.09 yuan in 2023 [4]. - The non-recurring earnings per share also saw significant growth, reflecting the overall improvement in operational efficiency [4]. Expenses - Sales expenses remained stable at 68,387,910.74 yuan, a slight increase of 0.59% from 67,988,758.85 yuan in 2023 [5]. - Management expenses increased by 3.25% to 508,280,000.35 yuan, primarily due to adjustments in the subsidiary Carcoustics [5]. - Financial expenses decreased significantly by 27.04% to 57,923,726.56 yuan, indicating improved debt management [5]. Research and Development - R&D expenses were 217,372,975.87 yuan, accounting for 4.82% of operating revenue, with a slight decrease from the previous year [6]. - The number of R&D personnel decreased by 14.29% to 360, reflecting a restructuring aimed at improving efficiency [6]. Cash Flow - Net cash flow from operating activities increased by 31.96% to 474,511,230.73 yuan, indicating enhanced cash generation capabilities [7]. - Cash flow from investing activities was negative at -143,147,313.87 yuan, a decline of 35.50% from the previous year [7]. - Cash flow from financing activities also turned negative at -606,271,633.09 yuan, a significant drop of 196.69%, primarily due to increased debt repayments [7].