年报解读｜新大正营收增长利润下滑背后

Core Viewpoint - New Dazheng, known as the "first public construction property stock," is experiencing significant financial declines amid industry-wide transformation pains, with a notable drop in net profit for the second consecutive year [1][2]. Financial Performance - In 2024, New Dazheng reported a revenue of approximately 3.39 billion yuan, a year-on-year increase of 8.32%, while the net profit attributable to shareholders was about 114 million yuan, down 28.95% from the previous year [1][2]. - The net profit excluding non-recurring gains and losses was approximately 107 million yuan, reflecting a 22.79% decrease compared to the prior year [2]. - The fourth quarter of 2024 saw a dramatic decline in profit, with net profit dropping 80.11% year-on-year to 6.74 million yuan [3]. Market Conditions - The property industry is shifting from an incremental market to a stock market, leading to intensified competition and profit pressure for the company [1]. - The average gross profit margin for New Dazheng fell to 11.63% in 2024, down 1.15 percentage points from the previous year, while the average gross profit margin for 59 listed property companies was 18.97% [3][4]. Business Segments - Over 85% of New Dazheng's revenue comes from basic property services, which include various public construction property types [3]. - The company’s core clients are predominantly from public construction and government sectors, accounting for 60% of its revenue, although the renewal prices for government projects decreased by 5% to 10% in 2024 [4]. Strategic Initiatives - New Dazheng is focusing on enhancing value-added services and leveraging technology to improve profitability and service scale [4][8]. - The company has implemented a city partner system to facilitate national expansion, which has led to a significant increase in management costs due to various underlying expenses [7]. Accounts Receivable - As of the end of 2024, New Dazheng's accounts receivable reached 766 million yuan, showing a continuous increase over the past three years [5]. - The ratio of accounts receivable to revenue has also been rising, indicating a trend of low-price bidding in new market expansions [5]. Regional Performance - The primary revenue source remains Chongqing, contributing approximately 1.16 billion yuan, which is 34.36% of total revenue, with a year-on-year growth of 6.41% [6].