iREAL(SZ:300150) Xin Lang Cai Jing·2025-04-22 16:29Core Viewpoint - In 2024, Century Ruili Technology Co., Ltd. achieved a significant turnaround by reporting a net profit after a loss in the previous year, alongside steady revenue growth and improved cash flow management [1][3][6]. Financial Performance - Revenue for 2024 reached 847,261,613.34 yuan, a 5.42% increase from 803,706,827.78 yuan in 2023. The railway sector contributed 504,527,107.61 yuan (59.55% of total revenue) with a 6.35% growth, while the urban rail transit sector generated 312,373,636.39 yuan (36.87% of total revenue) with a 2.76% increase [2]. - The net profit attributable to shareholders was 34,172,821.81 yuan, a 295.29% increase from a loss of 17,498,194.91 yuan in 2023. The net profit excluding non-recurring items was 30,895,031.39 yuan, up 246.88% from a loss of 21,034,618.77 yuan [3]. - Basic earnings per share improved to 0.06 yuan from -0.03 yuan, reflecting a 300.00% increase, indicating enhanced profitability for shareholders [4]. Expense Management - Sales expenses decreased by 6.88% to 108,100,978.41 yuan from 116,082,650.58 yuan in 2023, suggesting improved efficiency in sales channels [5]. - Management expenses rose by 7.85% to 55,688,912.36 yuan, likely due to company expansion and increased management complexity [5]. - Financial expenses surged by 291.84% to 986,801.65 yuan, primarily due to reduced interest income, indicating changes in the company's funding structure [5]. - R&D expenses decreased by 7.01% to 95,128,202.43 yuan, representing 11.23% of revenue, showing continued commitment to innovation despite a reduction in spending [5][7]. Cash Flow Analysis - Net cash flow from operating activities improved significantly to 210,796,880.85 yuan from -54,664,108.78 yuan, a 485.62% increase, driven by higher receivables collection [6]. - Net cash flow from investing activities worsened to -100,357,961.72 yuan from -4,331,703.11 yuan, reflecting increased investments in bank wealth management [6]. - Net cash flow from financing activities decreased to -21,310,552.11 yuan from 21,498,777.09 yuan, indicating a reduction in borrowings and increased repayments [6]. R&D and Personnel - R&D investment was 95,128,202.43 yuan, with a focus on maintaining technological competitiveness despite a decrease in personnel [7]. - The number of R&D personnel decreased by 22.40% to 246, with the proportion of R&D staff dropping to 23.98% from 33.87%, reflecting a strategic adjustment in R&D focus [8]. Risk Factors - The company is heavily reliant on the railway and urban rail transit sectors, which accounted for 96.42% of its revenue, posing a risk if market demand changes [9]. - There are technical risks associated with the need for continuous R&D investment to maintain competitive advantage in the information technology sector for railways [10]. - Accounts receivable at the end of the reporting period totaled 834,412,321.61 yuan, a decrease of 11.31%, but still representing 41.05% of total assets, indicating potential liquidity risks [11].