North Copper(SZ:000737) Zheng Quan Zhi Xing·2025-04-28 23:01Core Viewpoint - Northern Copper achieved significant revenue growth in 2024, but its profitability did not improve correspondingly, indicating challenges in cost control and debt management [2][12]. Financial Overview - Total revenue reached 24.107 billion yuan, a year-on-year increase of 156.6%, while net profit attributable to shareholders was 613 million yuan, a decrease of 1.37% [2]. - In Q4, total revenue was 5.931 billion yuan, up 145.35% year-on-year, but net profit fell to 66.29 million yuan, down 34.81% [3]. Revenue Composition - Main revenue sources included cathode copper at 19.278 billion yuan (79.97% of total revenue) with a gross margin of 7.78%, and precious metals at 3.715 billion yuan (15.41%) with a gross margin of 7.71% [5]. Cash Flow and Debt Situation - The ratio of cash and cash equivalents to current liabilities was only 24.45%, and the ratio of interest-bearing debt to average operating cash flow over the past three years was 21.92%, indicating significant debt pressure [6]. Profitability and Cost Control - Despite revenue growth, gross margin and net margin decreased by 51.23% and 61.56%, respectively, highlighting challenges in cost management [7]. - The gross margin for sulfuric acid products was -63.62%, negatively impacting overall profitability [7]. Key Financial Metrics - Gross margin: 7.12%, down 51.23% year-on-year - Net margin: 2.54%, down 61.56% year-on-year - Earnings per share: 0.35 yuan, down 1.42% year-on-year [10].