TST(SZ:002337) Zheng Quan Zhi Xing·2025-04-25 22:49Core Viewpoint - The financial performance of Sai Xiang Technology (002337) for the year 2024 shows a mixed picture with revenue growth but significant declines in net profit and cash flow metrics [1][3]. Financial Performance Summary - Total revenue for 2024 reached 759 million yuan, an increase of 12.09% compared to 677 million yuan in 2023 [1]. - Net profit attributable to shareholders was 39.79 million yuan, a decrease of 37.08% from 63.24 million yuan in the previous year [1]. - The fourth quarter saw a revenue drop of 32.45% year-on-year, with a net loss of 6.38 million yuan, marking a 284.42% decline [1]. - Gross margin decreased to 30.41%, down 12.68% from the previous year, while net margin fell to 5.04%, a decline of 45.98% [1]. - Total receivables increased by 26.65% to 295 million yuan, significantly impacting the company's financial health, with receivables accounting for 741.96% of net profit [1][5]. Cash Flow and Financial Ratios - Operating cash flow per share was -0.31 yuan, a drastic decrease of 277.27% from -0.08 yuan in 2023 [1]. - The company reported a return on invested capital (ROIC) of 1.47%, indicating weak capital returns [4]. - Financial expenses decreased by 40.57% due to increased interest income from time deposits [3]. Debt and Liabilities - Interest-bearing debt rose by 76.97% to 23.04 million yuan, reflecting increased short-term borrowings [1][3]. - Contract liabilities increased by 35.1%, indicating a rise in advance payments from customers due to a backlog of orders [3]. Business Model and Strategy - The company's performance is primarily driven by research and marketing efforts, necessitating a deeper analysis of these underlying drivers [5]. - The cumulative financing since the company's listing is 930 million yuan, with total dividends amounting to 214 million yuan, resulting in a dividend-to-financing ratio of 0.23 [5].