General Elevator(300931) 新浪财经·2025-04-22 17:37Core Viewpoint - The company reported a revenue increase of 12.77% in 2024, reaching 531.17 million yuan, but faced a significant net profit decline of 551.48%, resulting in a loss of 48.90 million yuan, highlighting a concerning disparity between revenue growth and profitability [1][2]. Financial Performance Summary - Revenue: The company's revenue for 2024 was 531.17 million yuan, up from 471.02 million yuan in 2023, marking a 12.77% increase. The elevator business accounted for 99.37% of total revenue, with sales revenue of 506.49 million yuan, a 12.43% increase [2]. - Net Profit: The net profit attributable to shareholders was -48.90 million yuan, a drastic drop from 10.83 million yuan in 2023, indicating a 551.48% decline. This was attributed to increased credit impairment losses and asset impairment losses due to the tight cash flow of downstream real estate companies [2]. - Deducted Net Profit: The deducted net profit was -50.64 million yuan, down 356.76% from 19.72 million yuan in 2023, reflecting a significant deterioration in core business profitability [2]. - Earnings Per Share: Basic earnings per share fell to -0.2036 yuan from 0.0451 yuan in 2023, a 551.44% decrease, indicating a severe impact on shareholder returns [2]. Expense Analysis - Sales Expenses: Sales expenses increased by 16.62% to 40.92 million yuan, with employee compensation rising significantly, indicating efforts to expand market presence despite net losses [3]. - Management Expenses: Management expenses grew by 13.61% to 47.78 million yuan, reflecting increased operational complexity and potential issues in cost control [3]. - Financial Expenses: Financial expenses decreased by 32.06% to -4.83 million yuan, primarily due to increased interest income, which provided some relief to financial pressure [3]. - R&D Expenses: R&D expenses rose by 6.86% to 25.21 million yuan, representing 4.75% of revenue, indicating ongoing investment in innovation despite profitability challenges [3]. Cash Flow Situation - Operating Cash Flow: Net cash flow from operating activities decreased by 60.10% to 36.70 million yuan, indicating worsening cash flow conditions due to reduced cash inflows and increased outflows [4]. - Investment Cash Flow: Net cash flow from investing activities was -19.96 million yuan, a significant decline from -0.25 million yuan in 2023, suggesting cautious investment decisions [4]. - Financing Cash Flow: Net cash flow from financing activities was -24.38 million yuan, down from -0.34 million yuan in 2023, indicating potential pressures in financing [4]. R&D and Personnel Situation - R&D Investment: The company invested 25.21 million yuan in R&D, slightly down from 5.01% to 4.75% of revenue, which may impact future innovation capabilities [6]. - Personnel Structure: The company employed 529 staff, with a diverse educational background, and has established a comprehensive compensation management system to motivate employees [7].