震安科技(300767)：经营业绩持续承压 现金流管控良好

Core Viewpoint - The company reported a significant decline in revenue and net profit for the year 2024, with total revenue of 420 million and a net loss of 140 million, compared to 690 million and a net loss of 40 million in the previous year [1][2]. Financial Performance - In Q4 2024, the company achieved revenue of 100 million and a net loss of 80 million, down from 150 million and a net loss of 60 million in the same quarter of the previous year [1]. - The company's gross profit margin decreased to 31.6%, down 2.91 percentage points year-on-year, while the net profit margin fell to -33.8%, a decline of 27.85 percentage points [3]. - The revenue from seismic isolation and damping products was 270 million and 140 million, representing year-on-year declines of 46.6% and 24.3%, respectively [2]. Regional Performance - Revenue from operations in Yunnan province decreased by 50.7%, while revenue from outside the province fell by 36.1%, with total revenues of 100 million and 309 million, respectively [2]. Cost and Cash Flow Management - The company faced rising fixed costs, contributing to the decline in gross profit margin, while it successfully managed cash flow, achieving a net cash inflow of 96 million, an increase of 18 million from the previous year [3]. Market Expansion and Future Outlook - The demand for seismic isolation technology in the construction market remains strong, with schools and hospitals accounting for 42% of the demand, followed by airports and other public projects at 23% [4]. - The company is actively exploring new growth areas in green low-carbon technologies, smart manufacturing, and digital transformation, while also seeking opportunities in overseas markets [4]. - Profit forecasts for 2025 and 2026 have been adjusted to net losses of 50 million and a profit of 5 million, respectively, with a new profit forecast for 2027 set at 23 million [4].