HNDI(SZ:300732) Zheng Quan Shi Bao Wang·2025-05-08 09:50Core Viewpoint - The company, Henan Zhonggong Design Research Institute Group Co., Ltd., is facing significant challenges, including a sharp decline in performance, loss of market confidence, and potential legal disputes, raising concerns among investors and industry professionals [1] Financial Performance - In 2024, the company reported a revenue of 1.501 billion yuan, a substantial decrease of 34.97% year-on-year, marking the largest decline since its listing [2] - The net profit attributable to shareholders was a loss of 222 million yuan, the first loss since its listing, indicating a severe deterioration in profitability [2] - The sales gross margin fell to 20.18%, the lowest in its history, ranking the company 10th from the bottom among 46 A-share companies in the engineering consulting sector [2] - In Q1 2025, the company continued to report losses, with a net profit loss of approximately 10.39 million yuan [2] Research and Development - The company's R&D expenditure in 2024 was 98.17 million yuan, a decline of 23.94%, the largest drop since its listing [3] - In Q1 2025, R&D spending was 13.76 million yuan, down 41.33%, marking a seven-year low for this period [3] - The company’s accounts receivable turnover days reached 477.07 days in 2024, indicating a significant slowdown in cash collection and a higher risk of bad debts [3] Environmental Performance - The company received a CC rating in the environmental dimension from Huazheng Index, placing it at the bottom of the industry [4] - In 2024, total carbon emissions amounted to 8,072.63 tons, with a carbon emission intensity of 5.38 tons per million yuan of revenue, ranking second highest in the industry [4] - Water consumption reached 12.54 tons, with a water consumption intensity of 83.53 tons per million yuan, also ranking second highest [4] - The company’s ESG report lacked completeness and comparability, failing to disclose total waste and specific emissions data, complicating performance assessments [4] Social and Governance Issues - The company’s workforce decreased by 12.37% in 2024, with employee productivity dropping by 52.04% to 328,300 yuan per employee [5] - Employee training expenditures fell by 40.01%, and the coverage rate for safety training was only 22%, indicating insufficient focus on employee development and safety [5] - The company received a regulatory letter from the Shenzhen Stock Exchange in October 2024, highlighting issues with income recognition and cost accounting, leading to inaccurate disclosures [6] - The company did not plan to distribute cash dividends in 2024, with cumulative cash dividends since listing amounting to 421 million yuan, only 40.76% of the raised funds [6]