BLT(SH:688333) Mei Ri Jing Ji Xin Wen·2025-06-10 16:16Core Viewpoint - The company, Plater, faced regulatory scrutiny due to early revenue recognition in 2023, leading to inaccurate financial disclosures. The company has responded to inquiries regarding its inventory and revenue recognition practices, asserting compliance with industry norms and customer requirements [1][2]. Financial Performance - In 2024, Plater achieved total revenue of 1.326 billion yuan, a year-on-year increase of 15.02%, while net profit attributable to shareholders was 104 million yuan, a decrease of 5.26% [2]. - The fourth quarter of 2024 was crucial for revenue growth, contributing 40.21% to the annual revenue, with the top five customers generating 260 million yuan in revenue [2]. Accounts Receivable - Accounts receivable have been increasing, from 554 million yuan at the end of 2022 to 964 million yuan by the end of 2024 [2]. - The company stated that all customers with accounts receivable over one year are state-owned enterprises, and the long payment cycles are due to industry characteristics rather than relaxed credit policies [3]. Inventory Levels - As of the end of 2024, Plater's inventory balance reached 872 million yuan, a significant increase of 48.81% compared to the end of 2023 [4]. - The inventory includes work-in-progress of 129 million yuan and finished goods of 170 million yuan, with respective year-on-year increases of 211.19% and 64.65% [4]. Product Transition and Delivery - The company reported a post-period transfer amount of 101 million yuan, with a transfer rate of 78.41% for work-in-progress products. The remaining untransferred products are primarily due to long production times and the need for assembly with other components [5]. - The transfer rate for finished goods was lower at 50.68%, attributed to products awaiting customer notification or those held in anticipation of orders [5].