CCA(SH:603100) Zheng Quan Zhi Xing·2025-04-25 22:49Core Viewpoint - Chuan Yi Co., Ltd. (603100) reported steady growth in its 2024 performance, with a need to optimize accounts receivable management to ensure a healthy cash flow [9] Business Performance - The total operating revenue for Chuan Yi Co., Ltd. in 2024 was 7.592 billion, an increase of 2.44% year-on-year; net profit attributable to shareholders was 778 million, up 4.6% year-on-year; and net profit after deducting non-recurring gains and losses was 643 million, down 0.39% year-on-year [2] - In Q4, the operating revenue was 1.97 billion, a year-on-year increase of 2.17%; net profit attributable to shareholders was 220 million, up 5.01% year-on-year; and net profit after deducting non-recurring gains and losses was 162 million, down 11.35% year-on-year [2] Profitability - The company's gross margin was 33.09%, a decrease of 2.74 percentage points year-on-year; the net margin was 10.28%, an increase of 2.06 percentage points year-on-year, indicating effective cost control and expense management [3] Expense Control - Total selling, administrative, and financial expenses amounted to 1.281 billion, accounting for 16.88% of revenue, a decrease of 7.5% year-on-year; financial expenses decreased by 37.47% year-on-year due to reduced loan amounts and improved capital management [4] Cash Flow and Balance Sheet - Operating cash flow per share was 0.94, a decrease of 47.54% year-on-year; cash and cash equivalents were 2.684 billion, an increase of 5.86% year-on-year; accounts receivable were 1.638 billion, an increase of 34.06% year-on-year, indicating potential pressure on cash flow [5] Main Business Composition - The main business revenue primarily comes from industrial automation instruments and devices, generating 6.75 billion, accounting for 88.91% of total revenue, with a gross margin of 33.96%; composite materials and electronic devices contributed 8.43% and 1.94% of revenue, with gross margins of 19.63% and 39.31% respectively [6] Development Review and Outlook - The company emphasizes innovation and increased R&D investment, with R&D expenses of 535 million, a year-on-year increase of 2.06%, accounting for 7.05% of operating revenue; the company obtained 180 new authorized patents and 73 software copyrights; it has dynamically adjusted marketing strategies in response to macroeconomic impacts, achieving stable new orders totaling 700 million, an increase of over 50% year-on-year [7]