Core Viewpoint - In 2024, despite the challenges posed by the downturn in the traditional photovoltaic industry, the company Yingjie Electric (300820) demonstrates strong operational resilience and market vitality through proactive strategic planning, robust profitability, and impressive cash flow performance [1] Financial Performance - Yingjie Electric achieved a record revenue of 1.78 billion yuan in 2024, with a comprehensive gross margin increase to 38.50%, indicating steady enhancement in profitability [1] - The company recorded significant impairment losses totaling approximately 59 million yuan for inventory and contract assets, along with 12.49 million yuan for receivables, which cumulatively reduced profits by over 71 million yuan [1] Impairment Losses - The impairment losses for inventory and contract performance costs amounted to approximately 47.26 million yuan, while contract asset impairment losses were about 11.67 million yuan, reflecting a substantial increase from the previous period [3] Industry Outlook - The company has a substantial backlog of contracts, and while there are delays in revenue recognition due to the photovoltaic industry's downturn, execution is ongoing, and revenue will be recognized gradually [5] - Starting in the second half of 2024, government interventions and industry self-regulation are expected to support a recovery in the photovoltaic sector [5] Strategic Initiatives - The semiconductor business of Yingjie Electric is gradually increasing its contribution to revenue, becoming a new growth point for the company, which is crucial for revenue growth and margin improvement in 2024 [5] - The company plans to distribute a cash dividend of 4 yuan per 10 shares for the 2024 fiscal year, reflecting a stable financial condition and consistent dividend policy, with cumulative cash dividends over the past three years accounting for about 70% of average annual profits [5] Research and Development - In 2024, the company increased its R&D investment to over 136 million yuan, representing 7.67% of current revenue, and has established a technology-sharing platform for various power levels [6] - The company aims to enhance its competitive advantage by focusing on innovation in new energy, new materials, and high-end equipment, while accelerating new product development to explore new profit growth points [6]
[年报]营收上台阶、现金流创新高!英杰电气业绩韧性十足 “轻装上阵”打开成长新空间