Core Viewpoint - In 2024, Guangdong Green Precision Components Co., Ltd. achieved significant growth in revenue and net profit, but faced a substantial decline in cash flow from operating activities, indicating potential liquidity challenges ahead [1][8]. Revenue Growth and Market Expansion - The company reported a revenue of 1.22 billion yuan, an increase of 8.63% from the previous year [2]. - The computer, communication, and other electronic equipment manufacturing sector contributed 1.21 billion yuan, accounting for 99.48% of total revenue, with a year-on-year growth of 8.87% [2]. - Precision structural components generated 1.13 billion yuan, representing 92.75% of total revenue and a growth of 10.19%, indicating improved market competitiveness [2]. - Domestic sales reached 516.49 million yuan, a significant increase of 76.49%, while overseas sales were 704.06 million yuan, down 15.27% [2]. Profitability Improvement - The net profit attributable to shareholders was 53.02 million yuan, a remarkable increase of 308.51% compared to 12.98 million yuan in 2023 [3]. - The net profit excluding non-recurring items was 54.03 million yuan, up 461.43% from the previous year [3]. - The profit surge was attributed to market expansion, product structure optimization, and effective cost management, alongside favorable currency exchange rates [3]. Expense Management - Sales expenses decreased by 16.87% to 14.99 million yuan, reflecting effective cost control [4]. - Management expenses fell by 3.80% to 74.34 million yuan, due to reduced office costs and depreciation [4]. - Financial expenses were negative at -63.13 million yuan, indicating high interest income [4]. - R&D expenses decreased by 16.88% to 88.17 million yuan, raising concerns about future innovation capabilities in a competitive market [4]. Cash Flow Analysis - Operating cash flow net amount was 73.23 million yuan, a significant drop of 78.97% from 348.25 million yuan in the previous year, indicating weakened cash collection ability [5]. - Investment cash flow net amount improved by 21.03% to -161.05 million yuan, showing better control over capital expenditures [5]. - Financing cash flow net amount improved by 73.68% to -23.05 million yuan, primarily due to reduced dividend distributions [5]. Management and Governance - The management compensation for key executives was deemed reasonable in relation to company performance [8]. - The company has established a solid governance structure but needs to enhance its governance practices to adapt to market changes and improve decision-making efficiency [8].
格林精密2024年年报解读：净利润暴增308.51%，现金流却骤降78.97%