Bojay(SZ:002975) Xin Lang Cai Jing·2025-04-26 18:21Core Insights - The company achieved a significant turnaround in net profit, with a year-on-year increase of 138.89%, moving from a loss of -57,229,887.93 yuan in 2023 to a profit of 22,254,227.52 yuan in 2024 [3] - Despite the profit increase, the company's net cash flow from operating activities saw a drastic decline of 273.58%, dropping from 117,705,838.84 yuan in 2023 to -204,311,477.21 yuan in 2024, indicating cash flow management challenges [6] Revenue Growth and Market Expansion - The company's revenue for 2024 reached 1,232,788,782.84 yuan, a 36.17% increase from 905,356,756.19 yuan in 2023, driven by a focus on major clients and diversification into sectors like 3C, AI servers, and automotive electronics [2] - Domestic revenue grew significantly by 57.75%, accounting for 59.76% of total revenue, while international revenue was 496,063,053.69 yuan, representing 40.24% [2] Profitability and Cost Management - The net profit attributable to shareholders was 22,254,227.52 yuan, a substantial recovery from the previous year's loss, with a notable contribution from non-recurring gains such as asset disposals and government subsidies [3] - Sales expenses increased by 7.46% to 116,560,550.09 yuan, reflecting higher personnel costs, while management expenses rose by 8.34% to 170,215,872.06 yuan due to increased training and consulting fees [4] Research and Development - The company maintained a strong commitment to R&D, with expenditures of 175,016,058.98 yuan, accounting for 14.20% of revenue, despite a 6.32% decrease from the previous year [5] - The number of R&D personnel decreased by 22.12% to 440, but the company continues to focus on innovation in areas like optical testing and 5G RF testing [5] Cash Flow and Investment Activities - The net cash flow from investment activities was -192,055,000.78 yuan, a decrease of 265.32% from the previous year, indicating a shift in investment strategy [6] - Financing activities also saw a negative cash flow of -32,434,110.83 yuan, primarily due to increased bank loan repayments, highlighting the need for better financing strategy [6] Industry Challenges and Opportunities - The company operates in a cyclical industry heavily influenced by fixed asset investment trends in downstream sectors, particularly consumer electronics, which poses risks to performance [7] - Increased competition in the industrial automation equipment sector, particularly from foreign firms, necessitates ongoing innovation and market share protection [7] - Currency fluctuations present additional risks, as 40.24% of revenue comes from exports, emphasizing the need for effective currency risk management [7]