Core Insights - Zhejiang Wansheng Intelligent Technology Co., Ltd. reported significant pressure on its performance in 2024, with total revenue of 937 million yuan, a year-on-year decline of 16.26%, and a net profit attributable to shareholders of 119 million yuan, down 52.45% [1][2] Revenue Breakdown - The core business segment, smart metering, saw a substantial revenue drop, generating 760 million yuan in 2024, a decrease of 26.57% year-on-year [1] - Emerging segments such as smart distribution networks and other businesses experienced rapid growth, with revenues of 67.56 million yuan and 110 million yuan, reflecting year-on-year increases of 46.65% and 187.37% respectively; however, their overall contribution was insufficient to offset the decline in core business [1] Sales Performance - Both domestic and international sales faced challenges, with foreign sales revenue plummeting by 74.85% and domestic sales revenue declining by 14.05%, indicating increased market expansion pressures [1] Profitability Metrics - The gross profit margin for Wansheng Intelligent fell to 32.87%, a decrease of 3.66 percentage points year-on-year, highlighting intensified market competition and cost control difficulties [2] - The weighted average return on net assets dropped from 23.67% in 2023 to 10.32% in 2024 [2] R&D Investment - The company increased its R&D expenditure by 41.95% in 2024, accounting for 8.87% of total revenue, with the number of R&D personnel rising by 34.31%; while this investment may enhance long-term competitiveness, it has negatively impacted short-term profits [2] Cash Flow Situation - Cash flow pressure became evident, with net cash flow from operating activities decreasing by 58.29%, falling from 421 million yuan in 2023 to 176 million yuan in 2024 [2]
万胜智能2024年营收净利双降