大北农2024年年报简析：净利润增115.91%，短期债务压力上升

Core Viewpoint - Dabeinong (002385) reported a decline in total revenue for 2024, but a significant increase in net profit, indicating a potential recovery in profitability despite revenue challenges [1][3]. Financial Performance - Total revenue for 2024 was 28.767 billion yuan, a decrease of 13.85% year-on-year [1][3]. - Net profit attributable to shareholders was 346 million yuan, an increase of 115.91% year-on-year [1][3]. - The fourth quarter revenue was 8.625 billion yuan, down 8.81% year-on-year, while net profit for the quarter was 212 million yuan, up 116.78% year-on-year [1][3]. - Gross margin improved to 15.14%, up 57.22% year-on-year, while net margin reached 2.49%, an increase of 132.27% [3][4]. - Operating cash flow per share was 0.58 yuan, a significant increase of 873.5% year-on-year [3][4]. Debt and Liquidity - The company faced increased short-term debt pressure, with a current ratio of 0.72 [1][4]. - Interest-bearing liabilities decreased to 12.072 billion yuan, down 10.04% year-on-year [3]. Market Position and Analyst Expectations - Analysts had previously expected a net profit of approximately 359 million yuan for 2024, indicating that actual results fell short of expectations [1][2]. - The company’s return on invested capital (ROIC) was reported at 5.76%, suggesting average capital returns [4]. Shareholder and Fund Management - The company has been held by notable fund managers, with the most significant holdings in the Guotai CSI Livestock Breeding ETF [5]. - The fund management landscape shows mixed movements, with some funds increasing their positions while others reduced their holdings [5].