Cangzhou Mingzhu(SZ:002108) Xin Lang Cai Jing·2025-04-30 08:43Core Viewpoint - Cangzhou Mingzhu (002108.SZ) reported a revenue increase in 2024 but faced a significant decline in net profit, indicating challenges in profitability despite higher sales [1][6]. Financial Performance Summary - In 2024, the company achieved an operating revenue of 2.748 billion yuan, a year-on-year increase of 4.93%, while the net profit attributable to shareholders was 154.74 million yuan, down 43.23% from the previous year [2][3]. - The net profit excluding non-recurring gains and losses was 97.90 million yuan, reflecting a 52.91% decrease compared to 2023 [2][3]. - The operating cash flow was significantly impacted, with a net cash flow from operating activities of 47.39 million yuan, down 86.24% year-on-year [2][3]. Segment Performance - The revenue breakdown for 2024 showed: - PE pipeline plastic products generated 1.153 billion yuan, a decrease of 8.27% year-on-year, with a gross margin of 15.21% [3][4]. - BOPA film plastic products saw revenue of 783 million yuan, an increase of 36.94%, but with a negative gross margin of -1.64% [3][4]. - Lithium-ion battery separator materials achieved revenue of 643 million yuan, up 10.72%, with a gross margin of 20.55% [3][4]. Profit Distribution and Dividends - For 2024, the company proposed a cash dividend of 1.66 billion yuan, which represents 107.57% of the annual net profit, indicating a commitment to shareholder returns despite declining profits [9][10]. - The company has consistently paid dividends since its listing in 2007, with total cash dividends of 500 million yuan over the past three years [10][12]. Future Plans and Financial Strategies - Cangzhou Mingzhu plans to provide guarantees for its subsidiaries, with a total guarantee amount not exceeding 5 billion yuan, which is 66.08% of the company's total audited assets as of the end of 2024 [13][15]. - The company intends to engage in financial derivatives for hedging purposes to mitigate market risks related to exchange rates and interest rates, with a maximum contract value of 50 million USD [16].