楚环科技2024年财报：营收利润双降，新能源布局能否扭转颓势？

Core Business Performance - The company reported a total revenue of 402 million yuan in 2024, a year-on-year decrease of 12.22%, marking the third consecutive year of declining revenue and profit [1][4] - The main business, focused on odor treatment systems, has seen a continuous decline in revenue, with a significant drop from 587 million yuan in 2021 [4] - The demand for the company's core products is closely tied to environmental policies, but increasing market competition has led to a loss of market share [4] Profitability and Cost Control - The company's gross profit was 153 million yuan, down 2.55% year-on-year, while the net profit attributable to shareholders was 28 million yuan, a decline of 25.31% [5] - The non-recurring net profit was only 22.89 million yuan, reflecting a 27.42% decrease, indicating a rapid decline in the actual profitability of the main business [5] - Cost control remains a significant challenge, with a production model based on customer demand leading to increased production costs [5][6] New Energy Sector Outlook - The company has been actively expanding into the new energy sectors such as photovoltaics and energy storage, but the scale of these operations remains small and lacks competitive advantage [6] - Revenue contributions from the new energy business were limited in 2024, failing to significantly impact overall performance [6] - Market confidence in the company's future development is low, as reflected in a high price-to-earnings ratio of 66.52 and a price-to-book ratio of 1.96, indicating investor concerns about future profitability [6]