Core Viewpoint - Greebo (301260.SZ), the first stock in the new energy garden machinery sector, achieved a turnaround in 2024 with a net profit increase of 118.53% to 87.89 million yuan, although this performance has not yet returned to pre-IPO levels, and quarterly profits remain volatile [1][2]. Financial Performance - In 2024, Greebo reported total revenue of 5.426 billion yuan, a year-on-year increase of 17.52%, and a net profit attributable to shareholders of 87.89 million yuan, up 118.53% [2][3]. - The company's net profit in 2023 was -474.37 million yuan, marking a 278.4% decline compared to the previous year, indicating that profitability has not yet recovered to pre-IPO levels [2][3]. - Revenue growth has been inconsistent, with total revenue for 2023 at 4.617 billion yuan, and a significant drop in net profit from 2020 to 2022, where it consistently exceeded 250 million yuan [2][3]. Revenue Structure and Growth - Greebo has shifted its revenue structure from customer brands to self-owned brands, with self-owned brand revenue accounting for 68.99% and customer brand revenue 31.01% in 2024 [4]. - Self-owned brand revenue grew by only 2.74% to 3.743 billion yuan in 2024, while customer brand revenue surged by 72.81% to 1.683 billion yuan [4]. - The growth rate of self-owned brand revenue has been declining, from 23.12% in 2021 to 2.74% in 2024 [4][5]. Market Dynamics - In 2024, Greebo's product sales increased by 15.25% to 6.1513 million units, with 98.03% of revenue coming from overseas markets [4]. - The company is experiencing a transition in the outdoor power equipment sector from fuel to electric drive, with new energy garden machinery revenue reaching 4.029 billion yuan, a 29.51% increase [4]. Cash Flow and Financial Challenges - Greebo's cash flow remains under pressure, with accounts receivable reaching 1.787 billion yuan, up 4.71 million yuan from the previous year, and inventory increasing to 2.379 billion yuan, a 14.63% rise [6]. - The company reported a negative cash flow from operating activities of -262 million yuan in Q1, compared to a positive 233 million yuan at the end of the previous year [6]. Strategic Initiatives - Greebo is actively seeking to alleviate financial pressures by utilizing idle fundraising of up to 1.5 billion yuan for operational liquidity [7]. - The company has announced a strategic focus on robotic products, particularly lawn mowing robots, with expectations for significant breakthroughs by 2026 [7][8]. - A partnership with Zhiyuan Robotics aims to enhance Greebo's competitiveness in the service robot market, with production set to begin at Greebo's global manufacturing base [7].
格力博扭亏为盈背后：自有品牌营收增速跌跌不休，百亿市值“昙花一现”