JTL(SZ:300091) Jin Rong Jie·2025-04-23 05:50Core Viewpoint - Despite some progress in market expansion and technological innovation, the company faces significant operational challenges due to continuous losses and cash flow pressures [8] Market Expansion - In 2024, the company implemented various measures for market expansion, achieving new orders worth 1.289 billion yuan, with a backlog of 914 million yuan by year-end [4] - The blower business accounted for over 50% of total orders in the metallurgy sector, and the company had an 80% bid success rate for new power plant projects [4] - Despite the increase in orders, the net loss expanded to 1.314 billion yuan, a significant increase from the previous year's loss of 506 million yuan, indicating that order growth did not translate into profitability [4] Technological Innovation - The company made strides in technological innovation, successfully implementing upgrades in turbomachinery information technology and developing 11 new products [5] - However, R&D investment decreased to 81.31 million yuan, down 6.63% year-on-year, with R&D expenditure as a percentage of revenue falling to 5.78% [5] - The slow commercialization of new products, such as the new fire smoke fan, indicates a disconnect between technological innovation and market application [6] Internal Control Management - The company took measures to enhance internal control management, including centralized management of business risks and financial accounting [7] - However, cash flow pressures remain significant, with a net cash flow from operating activities of -132 million yuan, a decrease of 96.20 million yuan year-on-year [7] - The company's liquidity ratios, with a current ratio of 0.87 and a quick ratio of 0.76, are below industry averages, indicating heightened financial risk [7]