Palm(SZ:002431) Xin Lang Cai Jing·2025-04-26 18:22Core Viewpoint - Palm Eco-Town Development Co., Ltd. reported significant changes in its 2024 annual report, with a 67.98% year-on-year decline in net profit attributable to shareholders, while net cash flow from operating activities surged by 734.78% [1] Financial Performance Summary - Revenue decreased to 3.065 billion yuan, down 24.35% from 4.051 billion yuan the previous year, primarily due to challenges in market expansion and a decline in new engineering orders [2] - The net profit attributable to shareholders was -1.579 billion yuan, worsening from -940 million yuan the previous year, marking a 67.98% decline [3] - The company recorded a significant increase in cash flow from operating activities, reaching 572 million yuan, compared to 68.47 million yuan the previous year, indicating improved cash management [5] Expense Analysis - Sales expenses decreased by 30.44% to 9.2801 million yuan, while management expenses remained stable at 177 million yuan, down 2.85% [4] - Financial expenses increased by 32.83% to 417 million yuan, primarily due to the absence of project financing interest income recognized in the previous year [4] - Research and development expenses decreased by 19.96% to 1.42 billion yuan, with continued investment in areas such as ecological restoration and modern agriculture [4] Cash Flow Situation - The net cash flow from operating activities improved significantly, with cash inflow totaling 3.378 billion yuan, down 20.12%, and cash outflow totaling 2.807 billion yuan, down 32.55% [5] - Investment activities generated a net cash flow of -116 million yuan, an improvement of 43.66% from the previous year's -205 million yuan [5] - Financing activities resulted in a net cash flow of -207 million yuan, a shift from a positive cash flow of 37.08 million yuan the previous year, indicating increased outflows [5] Risk and Opportunity Analysis - The company faces risks from a complex global macro environment and increased competition in the traditional ecological environment sector, necessitating a focus on internal management and risk response capabilities [7] - Opportunities arise from national policies promoting the construction industry, allowing the company to leverage its state-owned resources to participate in key projects [8] - The company emphasizes technological innovation, with ongoing research projects and strategic partnerships aimed at enhancing product value and market competitiveness [8]