海汽集团2024年年报解读：经营承压，多项指标波动明显

Core Insights - Haikong Group's 2024 annual report indicates significant changes in key financial metrics, including a decline in net profit and cash flow challenges [1][4][11] Revenue and Business Structure - In 2024, Haikong Group achieved operating revenue of 837,363,661.28 yuan, a slight decrease of 0.51% year-on-year, following a trend of fluctuating revenues over the past three years [2] - The passenger transport segment, a core business, saw a total passenger volume of 19.55 million, down 1% year-on-year, and a revenue of 492,176,720.77 yuan, accounting for 66.07% of main business income, which also declined by 1.89% [3] Profitability and Loss Analysis - The net profit attributable to shareholders was -97,696,232.97 yuan, a 41.65% decrease year-on-year, indicating a worsening loss situation [4] - The operating cost was 727,101,820.35 yuan, up 0.31% year-on-year, influenced by increased outsourcing costs and operational expenses during peak travel periods [4] Non-Recurring Profit and Core Business Challenges - The net profit excluding non-recurring items was -116,591,344.28 yuan, a 29.90% decline year-on-year, highlighting the urgent need for improvement in core business profitability [5] - The passenger transport business faced revenue reductions due to market competition and fiscal constraints from local governments [5] Earnings Per Share - Basic earnings per share were -0.31 yuan, down 40.91% year-on-year, negatively impacting shareholder returns [6] - The diluted earnings per share, excluding non-recurring items, were -0.37 yuan, a 32.14% decrease, indicating reduced contributions from core business to shareholder earnings [8] Cost Management and R&D Investment - Sales expenses were 11,665,684.44 yuan, a modest increase of 2.97%, while management expenses decreased by 15.91% to 150,262,098.49 yuan, reflecting effective cost control [9] - R&D expenses rose by 34.01% to 1,363,872.80 yuan, indicating a strategic focus on innovation to enhance competitiveness [10] Cash Flow Analysis - The net cash flow from operating activities was -18,353,343.84 yuan, a significant decline of 112.85% year-on-year, suggesting weakened cash recovery capabilities [11] - The net cash flow from investing activities was -255,167,218.68 yuan, down 50.48% year-on-year, indicating high capital expenditures and reduced asset disposal income [12] - The net cash flow from financing activities was 192,917,489.03 yuan, a 29.80% increase, primarily due to increased bank borrowings [13]