行业影响加剧 森鹰窗业迎上市以来首亏

Core Viewpoint - Harbin Senying Window Industry Co., Ltd. reported its first loss in nearly a decade for the year 2024, with significant declines in both revenue and net profit attributed to the downturn in the real estate market and weak retail consumption [2][4]. Financial Performance - In 2024, the company achieved revenue of 567 million yuan, a decrease of 39.71% year-on-year; the net profit attributable to shareholders was a loss of 42 million yuan, down 128.90% year-on-year; and the net profit after deducting non-recurring items was a loss of 57 million yuan, a decline of 144.42% year-on-year [4][6]. - This marks the first loss since the company went public and the first loss in nearly ten years, with net profits consistently positive since 2011 until 2024 [4][5]. Market Conditions - The company attributed the 2024 performance decline to the deep adjustment phase of the real estate market, which has led to a significant slowdown in revenue recognition from major clients, primarily real estate developers and decoration companies [2][4]. - The company noted that the revenue recognition process has changed, with clients now requiring completion of multiple projects before confirming revenue, compared to previous practices [2][6]. Business Strategy - The company has been actively reducing its traditional bulk business, which previously accounted for about 60% of its sales, down to 50% in 2024 [6]. - The company is accelerating its channel transformation, optimizing distribution channels, and expanding its product range to include various energy-efficient windows [9][10]. Product Performance - The revenue from energy-efficient aluminum-clad wooden windows fell to 383 million yuan in 2024, a decrease of 51.53%, with its contribution to overall revenue dropping from 84.06% to 67.58% [6][7]. - In contrast, the sales volume, production volume, and inventory of metal windows increased significantly, with sales volume rising by 44.09% to 136,100 square meters [8]. Future Outlook - The company plans to enhance its focus on public building projects within its bulk business to improve cash flow and is also looking to expand its dealer network and optimize store layouts across various regions [9][10]. - Additionally, the company is exploring international markets, having registered a subsidiary in the U.S. and planning to develop localized window products for markets in North America, Australia, Europe, and the Middle East [11].