IESLAB(SZ:002339) Zheng Quan Zhi Xing·2025-04-25 22:49Core Viewpoint - The financial performance of Jicheng Electronics (002339) for the year 2024 shows moderate growth in revenue and net profit, but raises concerns regarding cash flow and accounts receivable management [1][2]. Financial Performance Summary - Total revenue for 2024 reached 2.598 billion yuan, an increase of 8.86% compared to the previous year [1]. - The net profit attributable to shareholders was 31.6012 million yuan, reflecting a 2.13% increase year-on-year [1]. - In Q4 2024, total revenue was 1.17 billion yuan, up 6.41% year-on-year, with net profit of 12.3 million yuan, a significant increase of 21.65% [1]. - The gross margin improved to 28.12%, up 1.11% year-on-year, while the net margin decreased to 2.7%, down 16.74% [1]. - Total operating expenses (selling, administrative, and financial) amounted to 449 million yuan, accounting for 17.27% of revenue, an increase of 0.75% year-on-year [1]. Cash Flow and Receivables - The company reported a significant accounts receivable figure, with accounts receivable amounting to 1.458 billion yuan, which is 4613.11% of the net profit [1][2]. - Operating cash flow per share decreased to 0.22 yuan, down 21.7% year-on-year [1]. - The average operating cash flow over the past three years relative to current liabilities is only 18.33%, indicating potential liquidity concerns [2]. Investment and Financing - The company has a return on invested capital (ROIC) of 3.14%, indicating weak capital returns [2]. - Cumulative financing since the company's listing totals 929 million yuan, with cumulative dividends of 222 million yuan, resulting in a dividend financing ratio of 0.24 [2]. - The business model relies heavily on research and marketing efforts, necessitating a deeper analysis of these driving factors [2].