SDDSC(SZ:002041) Xin Lang Cai Jing·2025-04-22 20:43Core Insights - Shandong Denghai Seed Industry Co., Ltd. reported significant changes in key financial metrics for the year 2024, including a 77.86% decline in net profit and a 24.79% increase in R&D expenses, indicating challenges and opportunities in its operations [1][3]. Revenue Performance - The company achieved a revenue of 1,245,664,505.89 yuan in 2024, down 19.74% from 1,551,975,042.78 yuan in 2023 [2]. - The agricultural segment accounted for 100% of the revenue, with corn seed sales contributing 1,072,539,747.99 yuan, representing 86.10% of total revenue and a 20.78% decline year-on-year [2]. - Revenue from the northern region was 1,180,709,723.10 yuan, down 15.52%, while the southern region saw a drastic decline of 57.92%, generating only 64,954,782.79 yuan [2]. Profitability Analysis - The net profit attributable to shareholders was 56,625,639.65 yuan, a sharp decrease of 77.86% from 255,783,003.82 yuan in 2023 [3]. - The company's core operating profitability faced severe challenges, as the net profit excluding non-recurring items turned negative at -23,637,879.76 yuan, compared to a profit of 177,344,840.06 yuan in the previous year, marking a 113.33% decline [4]. Earnings Per Share - Basic earnings per share fell to 0.0643 yuan, down 77.88% from 0.2907 yuan in 2023 [5]. - The diluted earnings per share also showed a significant drop, reflecting the company's declining profitability and reduced returns to shareholders [5]. Expense Overview - Sales expenses increased by 2.57% to 72,678,144.16 yuan, likely due to intensified market competition [6]. - Management expenses rose by 3.69% to 113,350,564.64 yuan, attributed to the expansion of the company's operations [6]. - R&D expenses grew by 24.79% to 83,215,979.09 yuan, indicating a commitment to innovation and enhancing core competitiveness [6]. R&D and Personnel - R&D investment amounted to 86,419,693.13 yuan, representing 6.94% of revenue, an increase from 4.53% in 2023 [7]. - The number of R&D personnel decreased by 2.81% to 173, but the proportion of employees with a master's degree increased by 44.44%, suggesting an improvement in the quality of the R&D team [7]. Cash Flow Situation - The net cash flow from operating activities was 128,136,431.70 yuan, down 28.37% from 178,886,548.03 yuan in 2023, primarily due to a decrease in cash received from sales [9]. - The net cash flow from investing activities improved to -114,590,721.58 yuan, a reduction of 15.96% compared to the previous year [9]. - The net cash flow from financing activities showed a significant increase in outflow, reaching -10,981,463.90 yuan, compared to a positive inflow of 6,962,632.38 yuan in 2023 [9].