NANCAL(SH:603859) Sou Hu Cai Jing·2025-05-05 13:59Core Viewpoint - The company reported a revenue increase of 7.47% in 2024, but faced a significant decline in net profit, indicating challenges in cost control and profitability despite revenue growth [1][4][7] Group 1: Financial Performance - The company achieved total revenue of 1.51 billion, with a gross profit of 747 million and a gross margin of 49.46%, an increase of 0.81 percentage points year-on-year [1] - Net profit attributable to shareholders was 192 million, a decrease of 15.17% year-on-year, while the non-recurring net profit fell by 22.10% to 167 million [1][4] - Operating cash flow reached 519 million, reflecting a significant increase of 64.87% year-on-year [6] Group 2: AI Products and Services - The company increased investment in AI products and services, achieving notable progress in applications such as robotics and high-end equipment AI quality inspection [4] - The "Ling Series" AI agent products were successfully applied across multiple industries, with two contracts worth over 100 million signed [4] - Despite revenue contributions from AI, net profit declined, indicating that the profitability of AI business has not yet been fully realized [4][7] Group 3: Industrial Software - The "Le Series" industrial software products underwent continuous upgrades, adding 12 industry packages, 36 sub-applications, and 156 industrial components [4] - The company faced intensified competition in the industrial software market, necessitating strategies to maintain a competitive edge [5][6] Group 4: Strategic Partnerships and R&D - The company deepened strategic partnerships with major players like Huawei and Siemens, enhancing its industry standing [6] - R&D investment amounted to 456 million, a decrease of 6.07% year-on-year, with R&D expenditure as a percentage of revenue falling by 4.22 percentage points to 30.19% [6] - The reduction in R&D investment raises concerns about future innovation capabilities and market competitiveness [6][7]