longda(SH:688231) Zheng Quan Zhi Xing·2025-07-02 16:36Core Viewpoint - The company, Jiangsu Longda Superalloy Co., Ltd., issued a correction announcement regarding its 2023 and 2024 annual reports, clarifying errors in the management discussion and analysis sections without affecting the overall financial statements [1][2]. Financial Performance Summary - The company reported a total operating income of 1,106,434,345.46 CNY for the reporting period, with a breakdown of income by industry showing significant growth in the gas turbine and oil & gas chemical sectors [3][5]. - The aerospace sector's operating income was 296,452,645.20 CNY, showing a slight decrease of 0.13% year-on-year, while the gas turbine sector saw a substantial increase of 112.4% to 159,496,325.38 CNY, attributed to increased sales orders [5][10]. - The oil & gas chemical sector's income rose by 57.68% to 83,792,748.56 CNY, driven by increased sales of deformed high-temperature alloys [5][10]. Cost Analysis - The cost of sales for the aerospace sector increased by 34.88%, primarily due to higher sales volumes of high-temperature alloys, particularly deformed high-temperature alloys [14][15]. - The gas turbine sector's cost of sales surged by 184.80%, influenced by increased demand in the domestic market and the impact of the Russia-Ukraine conflict on international markets [15]. - The oil & gas chemical sector's cost rose by 79.32%, reflecting the growth in sales volume of deformed high-temperature alloys [15]. Regional Performance - Domestic operating income reached 1,008,619,362.03 CNY, a 20.26% increase year-on-year, while international income was 97,814,983.43 CNY, marking a 93.06% increase, attributed to the company's global market expansion [5][10]. - The domestic sales gross margin decreased by 3.55%, while the international sales gross margin decreased by 4.71%, mainly due to fluctuations in raw material prices [5][10]. Sales Model Analysis - Direct sales accounted for 1,084,063,513.87 CNY, a 31.97% increase, with a gross margin of 31.97%, while the distribution model generated 22,370,831.59 CNY, reflecting a 20.56% increase [5][11]. - The gross margin for direct sales decreased by 3.09%, attributed to changes in product structure and raw material prices [5][10].