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宝鹰股份(002047)2024年年报简析:亏损收窄,三费占比上升明显

Core Insights - The company reported a significant decline in total revenue and a negative net profit for the fiscal year 2024, indicating ongoing financial challenges [1][3] - Despite the negative net profit, the year-over-year improvement in net profit loss suggests some operational adjustments may be taking effect [1] Financial Performance - Total revenue for 2024 was 2.112 billion yuan, a decrease of 48.63% compared to 4.111 billion yuan in 2023 [1] - The net profit attributable to shareholders was -742 million yuan, an improvement of 23.52% from -971 million yuan in the previous year [1] - The gross margin decreased to 5.23%, down 26.01% from 7.06% in 2023 [1] - The net margin worsened to -35.22%, a decline of 48.02% from -23.79% in the prior year [1] Cost Structure - The total of financial, sales, and administrative expenses reached 439 million yuan, accounting for 20.81% of total revenue, which is a 101.48% increase year-over-year [1] - The company’s cash flow situation is concerning, with cash and cash equivalents decreasing by 34.45% to 543 million yuan [1] Debt and Financing - The company has accumulated a total financing of 4.537 billion yuan since its listing, with a total dividend payout of 359 million yuan, resulting in a dividend-to-financing ratio of 0.08 [3] - Interest-bearing liabilities decreased significantly by 70.88% to 572 million yuan [1] Operational Insights - The company’s business model relies heavily on research and development, necessitating a thorough examination of the underlying drivers of this approach [3] - The cash flow ratio of cash and cash equivalents to current liabilities stands at 65.28%, indicating potential liquidity issues [3]