歌尔股份2024年年报解读：净利润大增144.93%，现金流却下滑23.94%

Core Insights - The core viewpoint of the report highlights the significant changes in revenue, profit, expenses, and cash flow for the company in 2024, with a notable increase in net profit but a decline in operating cash flow [1][4][6]. Revenue - In 2024, the company achieved operating revenue of 100,953,848,156.08 yuan, a growth of 2.41% compared to 2023 [2]. - The electronic components business contributed 98,545,585,814.34 yuan, accounting for 97.61% of total revenue, with a year-on-year increase of 2.77% [2]. - The precision components business saw revenue of 15,050,929,866.12 yuan, a significant growth of 15.85%, driven by demand for products like VR/MR optical devices and MEMS acoustic sensors [3]. - The smart audio devices business generated revenue of 26,296,149,936.78 yuan, up 8.73%, benefiting from sustained consumer demand [3]. - The smart hardware business experienced a revenue decline of 2.57%, attributed to the later stages of the product lifecycle, although sales of VR and MR devices showed significant growth [3]. Net Profit - The net profit attributable to shareholders was 2,665,044,826.06 yuan, a substantial increase of 144.93% from 2023 [4]. - The net profit excluding non-recurring gains and losses was 2,393,206,176.65 yuan, reflecting a year-on-year growth of 178.30% [4]. - Profit growth was driven by business structure optimization and effective cost control, with operating costs only increasing by 0.01% to 89,759,386,768.92 yuan [4]. Expenses - Total expenses for 2024 were 7,772,680,000 yuan, a slight decrease of 0.33% from 2023 [5]. - Sales expenses rose by 17.36% to 619,834,481.67 yuan, indicating increased investment in market promotion [5]. - Management expenses remained stable at 2,200,022,715.70 yuan, down 0.13% [5]. - Financial expenses significantly decreased by 79.90% to 70,707,836.97 yuan, due to increased interest income and foreign exchange gains [5]. - R&D expenses reached 4,882,112,487.52 yuan, up 3.52%, reflecting ongoing investment in new technologies [5]. Cash Flow - Operating cash flow for 2024 was 6,200,452,181.84 yuan, a decline of 23.94% from 2023 [6]. - Cash outflows for purchasing goods and services increased from 59,071,783,992.11 yuan to 67,988,438,849.28 yuan [7]. - Investment cash inflows totaled 16,293,851,949.50 yuan, a growth of 213.65%, while cash outflows were 21,539,783,874.54 yuan, up 68.56% [8]. - Financing cash inflows were 33,711,467,799.59 yuan, a 15.93% increase, while outflows were 36,001,703,325.76 yuan, up 31.85% [9]. R&D Situation - R&D investment for 2024 was 4,569,383,945.08 yuan, accounting for 4.53% of revenue, despite a slight decrease of 0.08% from the previous year [10]. - The number of R&D personnel increased by 1.54% to 12,568, representing 15.36% of total employees [11]. - The age structure of R&D personnel showed an increase in younger employees, with those under 30 years old growing by 4.57% [11].