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河南凯旺科技2024年年报解读:营收微增9.12%,净亏损扩大64.47%

Core Insights - The company reported a revenue of 596,087,604.82 yuan for 2024, marking a year-on-year increase of 9.12% [1][2] - However, the net profit attributable to shareholders was -93,452,916.59 yuan, a decline of 64.47% compared to the previous year [1][2] - The significant drop in net profit is attributed to rising operating costs and asset impairment losses [2] Financial Performance - Revenue Breakdown: The precision cable connection components business accounted for 100% of revenue, with security-related components generating 415,543,479.28 yuan (69.71% of total revenue) but showing a slight decline of 0.37% year-on-year [2] - Communication-related components saw a substantial increase of 24.57%, generating 137,997,367.66 yuan (23.15% of total revenue) [2] - The company experienced a net loss of -109,452,991.12 yuan when excluding non-recurring gains and losses, a 71.17% decline from the previous year [2] Cost and Expense Management - Operating costs rose to 589,240,230.25 yuan, an increase of 16.57%, outpacing revenue growth [2] - Sales expenses decreased by 5.35% to 13,981,214.37 yuan, indicating improved cost control [3] - Research and development expenses fell by 4.74% to 36,544,989.70 yuan, representing 6.13% of revenue, down from 7.02% the previous year [3] Cash Flow Analysis - Operating cash inflow totaled 763,096,892.50 yuan, a 47.38% increase, while cash outflow rose by 56.03% to 828,195,628.68 yuan [4] - The net cash flow from operating activities was -65,098,736.18 yuan, worsening from -13,004,901.36 yuan the previous year [4] - Investment activities resulted in a net cash outflow of -110,802,383.44 yuan, indicating significant expenditures on fixed and intangible assets [4] Management Compensation - The chairman and general manager received a pre-tax compensation of 435,200 yuan, while other executives received varying amounts [10] - The relationship between management compensation and company performance, especially in light of significant losses, warrants further scrutiny [10]