吉大通信2024年年报解读：经营承压与转型并进，多项指标波动引关注

Core Insights - Jilin Jida Communication Design Institute Co., Ltd. (hereinafter referred to as "Jida Communication") reported a significant decline in key financial metrics for the year 2024, particularly in net cash flow from operating activities and net profit excluding non-recurring gains and losses, which decreased by 58.91% and 67.00% respectively, indicating potential challenges for investors [1][6][3] Financial Key Indicators Analysis - The company achieved operating revenue of 533,835,253.16 yuan in 2024, a decrease of 3.86% from 555,246,899.78 yuan in the previous year. Revenue from the communication and information technology sector accounted for 97.40% of total revenue, declining by 4.49% [2] - Design service revenue increased by 1.06% to 235,484,575.56 yuan, while engineering service revenue fell by 10.16% to 271,128,761.46 yuan. Notably, revenue from smart cafeteria products surged by 38.93% to 13,353,425.24 yuan, reflecting successful expansion into new business areas [2] Profitability Analysis - The net profit attributable to shareholders was 4,897,115.57 yuan, up 30.30% from 3,758,238.66 yuan in the previous year. However, the net profit after excluding non-recurring gains and losses dropped by 67.00% to 4,001,304.65 yuan, indicating reliance on non-recurring items for profit growth [3] - Basic and diluted earnings per share both doubled to 0.02 yuan, but the sustainability of this growth is questionable given the decline in core profit metrics [4] Expense Management and R&D Investment - Overall expenses increased, with management and sales expenses rising by 12.99% to 77,417,200 yuan. Sales expenses alone grew by 19.58% to 15,017,891.80 yuan, driven by increased market efforts for smart application products [5] - R&D expenses amounted to 20,413,573.64 yuan, a decrease of 7.56% from the previous year, yet still representing 5.55% of operating revenue, indicating ongoing commitment to technological innovation [5] Cash Flow Situation - The net cash flow from operating activities was -78,030,965.57 yuan, worsening from -49,105,303.83 yuan the previous year, primarily due to reduced collections. Investment activities also saw a negative cash flow of -10,048,216.28 yuan, while financing activities generated 46,765,948.26 yuan, down 29.96% year-on-year [6] R&D and Personnel Analysis - R&D investment totaled 29,629,629.59 yuan, with 31.10% of this amount capitalized. The company has made progress in various R&D projects, resulting in the acquisition of 6 new patents and 32 software copyrights in 2024 [7] - The number of R&D personnel remained stable at 508, with a high proportion holding bachelor's degrees or higher, indicating a balanced team in terms of experience and innovation [8] Executive Compensation and Company Performance - The chairman and general manager received pre-tax compensation of 858,800 yuan and 771,400 yuan respectively. Despite net profit growth, the decline in core profit metrics raises questions about the effectiveness of the compensation structure in driving business performance [10]