华星创业2024年业绩下滑显著，现金流及盈利能力堪忧

Financial Performance Overview - The total revenue for the company in 2024 was 691 million yuan, a year-on-year decrease of 2.06% [1] - The net profit attributable to shareholders was -78.48 million yuan, a year-on-year decline of 207.88%, with the non-recurring net profit at -82.65 million yuan, down 175.99% [1] - In Q4, total revenue was 189 million yuan, an increase of 0.99% year-on-year, but the net profit attributable to shareholders was -38.01 million yuan, a decrease of 383.04% [1] Profitability Analysis - The gross margin for 2024 was 9.03%, a decrease of 33.0% year-on-year [2] - The net margin was -11.46%, down 194.47% year-on-year [2] - Earnings per share were -0.15 yuan, a decline of 205.95% year-on-year [2] Cash Flow Situation - The operating cash flow per share was -0.11 yuan, a decrease of 194.67% year-on-year [3] - The net cash flow from operating activities significantly decreased due to reduced project collections compared to the previous year [3] - Cash and cash equivalents were 132 million yuan, a year-on-year decrease of 21.15%, while accounts receivable reached 445 million yuan, accounting for 64.39% of total revenue, an increase of 7.25% year-on-year [3] Expense Control - The ratio of three expenses (selling, administrative, and financial expenses) to revenue was 11.93%, a decrease of 9.52% year-on-year [4] - Financial expenses increased by 149.8% year-on-year, primarily due to increased interest expenses from larger financing and reduced interest income from decreased deposits [4] Industry and Business Outlook - The telecommunications industry is experiencing rapid development, with strong government support for 5G network construction and application promotion [5] - The company will continue to focus on mobile communication technology services, catering to the needs of operators, Huawei, and ZTE, while actively expanding business cooperation in government, enterprise, and digital economy sectors [5] - The company is also exploring opportunities in emerging fields such as the metaverse and virtual reality [5] Summary - Overall, the company's financial performance in 2024 was poor, particularly in profitability, cash flow management, and expense control [6] - Future focus should be on improving cash flow and controlling costs to address challenges from market competition and technological changes [6]