科汇股份2024年财务表现强劲，但需关注应收账款风险

Financial Performance - The company achieved a total revenue of 420 million yuan in 2024, representing a year-on-year growth of 22.13% [2] - The net profit attributable to shareholders reached 30.4973 million yuan, up 139.79% year-on-year, while the net profit excluding non-recurring items was 26.5533 million yuan, increasing by 275.18% [2] - In Q4, the total revenue was 140 million yuan, with a year-on-year growth of 19.07%, and the net profit was 15.0025 million yuan, reflecting a 90.89% increase [2] Profitability Analysis - The company's gross margin for 2024 was 43.29%, an increase of 3.66 percentage points year-on-year, while the net profit margin was 7.21%, up 114.13 percentage points [3] - Earnings per share were 0.29 yuan, showing a year-on-year growth of 141.67% [3] Cost and Expense Control - Total operating expenses (selling, administrative, and financial expenses) amounted to 106 million yuan, accounting for 25.22% of revenue, a decrease of 15.29 percentage points year-on-year [4] - Financial expenses were reduced by 48.33%, primarily due to decreased interest expenses on loans [4] Accounts Receivable and Cash Flow - The company's accounts receivable were significant, with the amount representing 710.32% of the net profit attributable to shareholders, indicating a need for improved management of accounts receivable [5] - Operating cash flow per share was 0.48 yuan, reflecting a year-on-year increase of 13.56% [5] Main Business Analysis - The primary revenue sources were from the manufacturing of power distribution and control equipment, generating 274 million yuan (65.16% of total revenue) with a gross margin of 55.20%, and from the magnetic reluctance motor drive system, which generated 128 million yuan (30.58% of total revenue) with a gross margin of 17.00% [6] - The smart grid fault monitoring and automation business and the magnetic reluctance motor business experienced growth rates of 20.96% and 27.44%, respectively [6] Industry Outlook and Company Strategy - The electrical machinery and equipment manufacturing industry is in a rapid development phase, driven by the "dual carbon" strategy and increased investments from power grid companies [7] - The company plans to continue focusing on power fault monitoring and automation, expand its magnetic reluctance motor drive system business, and explore user-side energy storage opportunities [7] Summary - Overall, the company demonstrated strong financial performance in 2024, particularly in profitability, cost control, and growth in main business areas [8] - However, the high proportion of accounts receivable indicates potential financial risks that require management's attention [8]