扣非净利润下降95.75% 天阳科技营收“调结构”

Core Viewpoint - The financial technology sector is facing intense competition, prompting market participants to undergo structural adjustments in their business operations. Tianyang Technology (300872.SZ) reported a decline in revenue and profit for 2024, indicating challenges in maintaining growth amidst a competitive landscape [1][2]. Financial Performance - Tianyang Technology's total revenue for 2024 was 1.766 billion yuan, a year-on-year decrease of 8.76%, marking the second consecutive year of negative growth [2]. - The net profit attributable to shareholders was 77.5 million yuan, down 33.60% year-on-year, while the net profit excluding non-recurring items was 2.7165 million yuan, a significant drop of 95.75% [2]. - The net cash flow from operating activities was 123 million yuan, reflecting a 69.81% decline year-on-year [2]. - Basic earnings per share decreased by 27.59% to 0.21 yuan, and the weighted average return on equity (ROE) fell to 2.91%, down 1.78% year-on-year [2]. Revenue Composition - The decline in revenue was attributed to intense market competition and extended settlement cycles for large projects from major clients, leading to a decrease in recognized revenue [2][3]. - The company reported that revenue sources are shifting towards key banking business areas such as credit, credit cards, and data, with a focus on large banks [1][3]. Strategic Developments - Despite the decline in performance, Tianyang Technology continued to expand by establishing five new companies and acquiring one, while also dissolving three subsidiaries [4]. - The company is focusing on a "professionalization and productization" strategy, with over two-thirds of revenue coming from this approach in digital finance and intelligent credit applications [3]. Profitability Challenges - Three main factors negatively impacted profits: convertible bond interest payments, stock incentive payments, and goodwill impairment [5]. - The company issued convertible bonds totaling 975 million yuan, with interest expenses for 2024 amounting to 50.977 million yuan, which significantly affected profitability [5]. - The goodwill impairment related to the acquisition of a subsidiary, which reported a revenue increase but a profit decline, further strained financial results [7]. Future Outlook - Tianyang Technology's R&D investment for 2024 was 327 million yuan, representing an 18.53% investment rate, with a focus on developing intelligent financial applications [8]. - Analysts project revenue growth for 2025-2027, estimating revenues of 1.925 billion yuan, 2.130 billion yuan, and 2.387 billion yuan, with corresponding net profits of 101 million yuan, 135 million yuan, and 181 million yuan [8].