长龄液压2024年年报解读：经营活动现金流量净额骤降58.22%，净利润下滑6.84%

Core Viewpoint - Jiangsu Changling Hydraulic Co., Ltd. reported a decline in net profit and significant reduction in cash flow from operating activities for the year 2024, despite an increase in operating revenue driven by business expansion through acquisitions [1][2][3]. Financial Performance - Operating revenue for 2024 reached 883,496,556.61 yuan, a 9.57% increase from 806,314,323.29 yuan in the previous year, primarily due to the acquisition of Jiangyin Shangchi [2]. - Net profit attributable to shareholders was 94,733,400.62 yuan, down 6.84% from 101,691,818.34 yuan, influenced by challenges in the photovoltaic sector and credit losses from a major customer [3]. - Deducting non-recurring gains and losses, the net profit was 89,333,123.82 yuan, reflecting a 6.61% decrease, indicating pressure on core business profitability [4]. - Basic earnings per share decreased to 0.66 yuan from 0.73 yuan, a decline of 9.59%, consistent with the drop in net profit [5]. - The diluted earnings per share, excluding non-recurring items, fell to 0.62 yuan from 0.69 yuan, a decrease of 10.14% [6]. Expenses and Cost Management - Sales expenses increased by 16.16% to 18,676,382.21 yuan, attributed to higher costs following the acquisition of Jiangyin Shangchi [7]. - Management expenses decreased by 10.71% to 40,068,834.02 yuan, reflecting improved cost control after the previous year's acquisition-related costs [7]. - Financial income, reported as negative 11,866,666.95 yuan, increased due to reduced interest income from bank investment products [7]. - R&D expenses rose by 13.11% to 38,948,751.30 yuan, indicating a commitment to innovation and product development [7]. Cash Flow Analysis - Net cash flow from operating activities was 77,491,615.59 yuan, a significant decrease of 58.22% from 185,453,824.79 yuan, primarily due to increased cash payments for employee compensation [9]. - Cash flow from investing activities showed a net outflow of 405,406,470.52 yuan, a substantial increase from the previous year's outflow of 9,013,697.51 yuan, mainly due to acquisition payments [9]. - Cash flow from financing activities also reflected a net outflow of 120,145,290.00 yuan, worsening from a previous outflow of 51,846,318.79 yuan, driven by increased dividend payments [9]. R&D and Human Resources - The company employed 137 R&D personnel, accounting for 15.68% of total staff, with a stable and reasonable educational and age structure [8]. Summary - Despite an increase in operating revenue, Jiangsu Changling Hydraulic faces challenges with declining net profit and cash flow, necessitating ongoing focus on market expansion, cost control, and risk management to enhance profitability and shareholder returns [11].