联创电子2024年年报解读：经营现转机，仍需警惕潜在风险

Core Viewpoint - In 2024, Lianchuang Electronics Technology Co., Ltd. reported a slight increase in revenue but continued to face net losses, indicating challenges in profitability despite some operational improvements [1][2]. Financial Performance - Revenue for 2024 reached 10.21 billion yuan, a 3.69% increase from 2023's 9.85 billion yuan, driven primarily by a 34.21% growth in optical components revenue [2] - The net profit attributable to shareholders was -552.82 million yuan, an improvement of 44.29% from the previous year's loss of -992.39 million yuan, but still indicating a loss [2] - The basic earnings per share improved to -0.52 yuan from -0.93 yuan, reflecting a reduction in loss [2] Expense Management - Total expenses decreased slightly to 1.32 billion yuan from 1.36 billion yuan in 2023 [3] - Sales expenses fell by 12.62%, indicating effective cost control in sales strategies [3] - R&D expenses decreased by 16.67%, raising concerns about future innovation capabilities despite recent successes in optical products [3] Cash Flow Analysis - The net increase in cash and cash equivalents was -571.81 million yuan, indicating ongoing liquidity pressure [4] - Operating cash flow improved significantly by 64.16% to 345.17 million yuan, suggesting better cash collection from operations [4] - Investment cash flow remained negative at -1.46 billion yuan, reflecting ongoing capital expenditures for asset acquisition [4] Management Compensation - The chairman received a pre-tax compensation of 1.29 million yuan, which is considered reasonable in relation to the company's performance [10] - The president's compensation is included in the chairman's total, reflecting the company's overall performance improvement despite ongoing losses [11] - Vice presidents received varying compensation levels, aligned with their responsibilities and contributions [12] Overall Assessment - Lianchuang Electronics showed growth in certain business segments and improved operating cash flow, but still faces significant challenges such as net losses and competitive pressures in the industry [1][2][4]