Core Viewpoint - Shengnan Technology reported a significant decline in revenue and profit for 2024, primarily due to adjustments in pricing agreements with clients, leading to a substantial revenue reduction and negative profit margins [1][2][4]. Financial Performance - In 2024, Shengnan Technology achieved operating revenue of 74.32 million yuan, a year-on-year decrease of 55.94% [1]. - The net profit attributable to shareholders was -9.80 million yuan, down 117.81% year-on-year [1]. - The gross profit margin for the period was 9.99%, a decrease of 55.12 percentage points compared to the previous year [1]. Revenue Adjustment Details - The company adjusted its revenue based on price difference agreements, resulting in a cumulative revenue reduction of 67.63 million yuan [2]. - Revenue was reduced by 55.31 million yuan for products with signed price difference agreements and by 12.32 million yuan for products without such agreements [2]. - The price of relay boxes decreased by 42.27% compared to the provisional price, while the price of voltage rectifiers decreased by 17.29% [2]. Product Margin Analysis - The gross margin for comprehensive power products was -208.35%, while the adjusted gross margin was 49.17%, and the gross margin for aviation mechanical products was 56.18% [4]. - The gross margin for relay boxes with signed agreements was 67.89%, while those without agreements had a margin of 70.21% [3]. - The gross margin for voltage rectifiers with signed agreements was 50.37%, compared to 40.17% for those without agreements [3]. Market Environment - The aviation mechanical products sector has high industry barriers and concentrated competition, which supports higher margins compared to the more competitive comprehensive power products sector [4]. - The company noted that the differences in gross margins among various product types are reasonable due to the distinct characteristics of the products [5].
2024年毛利率大幅下滑超50个百分点 航空装备制造商晟楠科技回复问询函：具有合理性