圣龙股份财报解读：营收增长下净利润为何骤降44.23%？

Core Insights - The company reported an 11.66% increase in operating revenue for 2024, amounting to approximately 1.62 billion yuan, while net profit significantly decreased by 44.23% to about 29.75 million yuan, indicating operational challenges and changes [1][2]. Financial Performance - Operating Revenue: The company's operating revenue reached 1,619,150,077.86 yuan, reflecting a growth of 11.66% year-on-year, driven mainly by the automotive parts manufacturing sector, which saw a 10.86% increase [2]. - Net Profit: The net profit attributable to shareholders was 29,752,176.72 yuan, down from 53,347,610.73 yuan the previous year, primarily due to reduced gross profit, increased R&D expenses, and higher management salaries [2]. - Non-recurring Profit: The adjusted net profit, excluding non-recurring items, was -35,320,002.29 yuan, compared to 1,533,076.91 yuan last year, highlighting concerns over the core business's profitability [2]. Earnings Per Share - Basic Earnings Per Share: The basic earnings per share for 2024 was 0.13 yuan, a decrease of 43.48% from 0.23 yuan in 2023, directly linked to the decline in net profit [3]. - Adjusted Earnings Per Share: The adjusted earnings per share, excluding non-recurring items, was -0.15 yuan, contrasting with 0.03 yuan the previous year, further emphasizing the core business's profitability issues [3]. Expense Analysis - R&D Investment: R&D expenses increased by 14.55% to 104,973,207.02 yuan, reflecting the company's commitment to enhancing product performance in the "new energy + intelligence" strategy [4]. - Management Expenses: Management expenses rose by 7.74% to 81,993,553.47 yuan, primarily due to increased salaries for management personnel, which aligns with the reasons for the decline in net profit [5]. - Sales Expenses: Sales expenses decreased by 6.26% to 21,898,120.40 yuan, suggesting potential optimization in sales strategies or channels [6]. - Financial Expenses: Financial expenses improved to -318,012.49 yuan from 1,983,436.34 yuan last year, positively impacting the company's profit due to increased interest income and currency effects [7]. Cash Flow Analysis - Operating Cash Flow: The net cash flow from operating activities significantly dropped by 85.92% to 18,338,508.97 yuan, indicating increased cash outflows for goods and labor payments [8]. - Investment Cash Flow: The net cash flow from investing activities improved to -66,256,040.24 yuan from -199,531,254.30 yuan, reflecting better asset allocation and investment decisions [9]. - Financing Cash Flow: The net cash flow from financing activities increased by 142.50% to 41,845,464.74 yuan, driven by higher loan amounts and reduced dividend distributions [10]. R&D and Personnel - R&D Investment Proportion: The total R&D investment was 104,973,207.02 yuan, accounting for 6.48% of operating revenue, with significant advancements in electric drive systems and thermal management systems [11]. - R&D Personnel: The company employed 182 R&D personnel, representing 12.49% of the total workforce, with a diverse educational and age structure supporting technological innovation [12].