Jingneng Thermal(SZ:002893) Xin Lang Cai Jing·2025-04-26 05:01Core Viewpoint - Beijing Jingneng Thermal Power Co., Ltd. reported mixed financial results for 2024, with a notable increase in R&D expenses and a significant decline in net cash flow from financing activities, indicating potential operational challenges and strategic shifts [1][10]. Revenue - In 2024, the company's operating revenue was 1,069,821,129.32 yuan, a decrease of 1.40% from 2023's 1,085,065,601.23 yuan [2]. - The revenue from thermal service accounted for 98.92% of total revenue, amounting to 1,058,353,021.35 yuan, which also saw a decline of 1.04% [2]. - Engineering revenue dropped significantly by 55.77% to 6,419,921.70 yuan, while other business revenue surged by 387.43% to 5,048,186.27 yuan, indicating a potential shift in business focus [2]. Net Profit - The net profit attributable to shareholders was 66,765,316.59 yuan, reflecting a growth of 22.25% compared to the adjusted 54,615,980.87 yuan in 2023 [3]. - The net profit after excluding non-recurring items was 73,460,241.91 yuan, up 35.58% from 54,182,150.11 yuan in the previous year, showcasing improved core business profitability [3]. Earnings Per Share - Basic earnings per share were 0.25 yuan, down 3.85% from 0.26 yuan in 2023 [4]. - Although the data for non-recurring earnings per share was not separately listed, the growth in net profit after excluding non-recurring items suggests positive performance in core business earnings [4]. Expenses - Sales expenses increased by 31.33% to 8,237,912.70 yuan, attributed to changes in personnel structure and rising labor costs [5]. - Management expenses rose by 6.46% to 55,499,701.06 yuan, indicating stable operational cost management [5]. - Financial expenses decreased significantly by 45.19% to 8,618,490.84 yuan due to improved financing control and capital structure optimization [5]. - R&D expenses surged by 46.21% to 18,704,547.58 yuan, reflecting the company's commitment to enhancing technological innovation [5]. R&D Investment - R&D investment reached 46,083,123.14 yuan, accounting for 4.31% of operating revenue, a significant increase from 2.91% in 2023 [6]. - The number of R&D personnel grew by 42.42% from 99 to 141, with a notable increase in staff with bachelor's and master's degrees, indicating a strategic focus on innovation and technology [6]. Cash Flow - The net cash flow from operating activities was 238,343,622.58 yuan, down 8.52% from 260,554,652.94 yuan in 2023 [7]. - Cash inflows from operating activities increased by 14.93%, while cash outflows rose by 22.40%, suggesting stable operational cash generation despite a decline in net cash flow [7]. - The net cash flow from investing activities was -33,527,702.57 yuan, reflecting increased project payments and strategic investments [7]. - The net cash flow from financing activities plummeted by 141.05% to -112,256,929.23 yuan, indicating a significant reduction in capital raising activities [8].