KinLong(002791) 新浪财经·2025-05-11 00:35Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, with a focus on expanding overseas markets to counteract domestic challenges [1][2][4]. Financial Performance - In 2024, the company achieved revenue of 6.638 billion yuan, a year-on-year decrease of 14.92%, and a net profit of 90 million yuan, down 72.23% [1]. - Q4 2024 revenue was 1.727 billion yuan, a decline of 23.33%, with net profit of 57 million yuan, down 68.22% [1]. - For Q1 2025, revenue was 1.206 billion yuan, a decrease of 11.70%, with a net loss of 41 million yuan compared to a loss of 46 million yuan in the same period last year [1]. Revenue Breakdown - Domestic revenue faced pressure, totaling 5.754 billion yuan, down 18.17% year-on-year, while overseas revenue was 884 million yuan, up 14.72%, accounting for 13.32% of total revenue [2]. - Key product categories saw significant declines, particularly in real estate-related items, with window and door hardware systems revenue at 2.924 billion yuan (down 18.50%) and home products at 1.083 billion yuan (down 21.99%) [2]. - Public construction products showed relative stability, with point-supported glass curtain wall components revenue at 442 million yuan (up 11.35%) [2]. Profitability and Cost Management - The overall gross margin for 2024 was 31.65%, a slight decrease of 0.61 percentage points, primarily due to reduced scale effects from declining revenue [3]. - The company’s net profit margin fell to 1.83%, down 2.66 percentage points year-on-year, influenced by increased expense ratios and asset impairment losses totaling 207 million yuan [3]. - The company maintained a strong cash flow position, with net cash flow from operating activities at 394 million yuan and a collection ratio of 104.67% [3]. Strategic Outlook - The company aims to position itself as a "building component integrated supplier," focusing on risk control and expanding into overseas markets and new domestic applications [4]. - Future revenue growth is expected from overseas markets and new domestic scenarios, with projected revenues of 6.689 billion yuan, 6.799 billion yuan, and 6.934 billion yuan for 2025-2027 [4]. - Profitability is anticipated to improve with enhanced internal efficiency and a higher proportion of high-margin overseas business [4].