宁波富邦2024年年报解读：营收增长显著，净利润却暴跌92.76%

Core Insights - Ningbo Fubon achieved a significant revenue growth of 36.98% in 2024, reaching 1.04 billion yuan, driven by business expansion and acquisitions, particularly in the electrical alloy sector [2][26] - However, the net profit attributable to shareholders plummeted by 92.76% to 1.56 million yuan, indicating challenges in profitability despite revenue growth [3][26] Financial Performance - Revenue Growth: The company reported a revenue of 1,044,271,724.33 yuan, up from 762,341,444.14 yuan in the previous year, largely due to the acquisition of a 55% stake in electrical alloys and strong performance in deep processing of electrical contact products, which generated 643 million yuan in revenue, a 48.40% increase [2] - Net Profit Decline: The net profit dropped to 1,562,706.21 yuan from 21,598,503.93 yuan, primarily due to increased costs and expenses that did not align with revenue growth, with operating costs rising by 35.49% [3][4] - Core Profitability Issues: The net profit after excluding non-recurring items was -13,127,610.27 yuan, indicating a worsening core business profitability, exacerbated by the weak performance of existing aluminum processing and trading operations [4][6] Earnings Per Share - Basic Earnings Per Share: The basic earnings per share fell to 0.01 yuan from 0.16 yuan, reflecting the significant drop in net profit and negatively impacting shareholder returns [5] - Deducted Earnings Per Share: The deducted earnings per share was -0.10 yuan, worsening from -0.05 yuan, highlighting the ongoing struggles in core business profitability [6] Cost and Expense Analysis - Overall Cost Growth: Total operating costs increased to 1,018,804,870.02 yuan, up 35.44%, closely matching revenue growth, but raising concerns about cost control [7] - Sales Expenses: Sales expenses grew modestly by 4.52% to 3,333,089.26 yuan, indicating effective control in this area despite revenue growth [9] - Management Expenses: Management expenses surged by 25.24% to 28,263,414.11 yuan, driven by increased complexity from business expansion, necessitating a focus on management efficiency [10] - Financial Expenses: Financial expenses rose significantly by 50.09% to 5,547,004.54 yuan, primarily due to increased interest costs, suggesting a need for better debt management [11] - R&D Expenses: R&D expenses increased by 47.45% to 23,693,861.50 yuan, reflecting a commitment to innovation, particularly in the electrical contact product sector [12][13] Cash Flow Analysis - Operating Cash Flow: The net cash flow from operating activities turned positive at 20,382,313.10 yuan, compared to -3,999,786.70 yuan in 2023, indicating improved cash generation capabilities [15] - Investment Cash Flow: The net cash flow from investing activities was negative at -5,887,363.42 yuan, a significant decline from the previous year, highlighting the need for careful investment strategy [16] - Financing Cash Flow: The net cash flow from financing activities was also negative at -52,489,516.21 yuan, indicating substantial cash outflows related to debt repayment and equity purchases, raising concerns about financial stability [18] Strategic Considerations - The company needs to optimize its business structure and enhance core business profitability while managing costs effectively to navigate industry risks and raw material price fluctuations [26]