宏达电子2024年年报解读：净利润下滑40.81%，研发投入与现金流状况引关注

Core Insights - The company reported a significant decline in both revenue and net profit for the year 2024, indicating challenges faced in the past year [1][2][3] Financial Performance - Revenue for 2024 was 1.586 billion yuan, a decrease of 7.07% from 1.706 billion yuan in the previous year [2] - Net profit attributable to shareholders was 279 million yuan, down 40.81% from 472 million yuan [3] - Basic earnings per share fell to 0.678 yuan, a reduction of 40.81% compared to 1.1454 yuan [4] Revenue Breakdown - Revenue from components was 1.247 billion yuan, a decline of 10.53%, while revenue from modules and other segments increased by 8.34% to 339 million yuan [2] - The overall revenue decline was attributed to slow recovery in downstream demand and increased cost control pressures [2] Profitability Analysis - The significant drop in net profit was influenced by reduced revenue and increased cost pressures, despite ongoing cost-cutting measures [3] - The net profit excluding non-recurring items was 226 million yuan, also down 40.38% [3] Expense Management - Total operating expenses were 301 million yuan, an increase of 5.64% year-on-year, with sales and management expenses rising by 4.83% and 6.48% respectively [5] - Research and development expenses decreased by 14.32% to 138 million yuan, reflecting a cautious approach to R&D investment [5] R&D Insights - R&D investment represented 8.71% of revenue, down from 9.44% the previous year, with a reduction in R&D personnel by 19.04% [6] - The company undertook 22 research projects, with a mix of government and self-funded initiatives [6] Cash Flow Analysis - Net cash flow from operating activities was 508 million yuan, a decrease of 16.10% from 606 million yuan [8] - Investment cash flow improved slightly, while financing cash flow also showed a significant increase of 47.07% due to reduced cash dividends [8] Management Compensation - Total compensation for senior management increased by 27.98%, despite the company's declining performance, raising concerns about the alignment of pay with performance [10]