果下科技收入大增净利率却大降：毛利率也骤降，杠杆比率200%

Core Viewpoint - Guoxia Technology Co., Ltd. has submitted its application to the Hong Kong Stock Exchange, showing significant revenue growth from 142 million to 1.026 billion yuan from 2022 to 2024, but facing declining net profit margins from 17.1% to 4.8% during the same period [1][2]. Revenue Growth - Revenue for Guoxia Technology during the reporting period was 142 million, 314 million, and 1.026 billion yuan, with net profits of 24.27 million, 28.14 million, and 49.12 million yuan respectively [1]. - The company’s revenue from China increased significantly, accounting for 27.9%, 55.9%, and 79.9% of total revenue from 2022 to 2024 [2]. - Revenue from Europe decreased from 72.1% to 10.2% during the same period, while revenue from Africa accounted for 13.2% and 9.7% in 2023 and 2024 respectively [2]. Profitability Metrics - The gross profit margin decreased by 10 percentage points from 2022 to 2024, with overall gross margins of 25.1%, 26.7%, and 15.1% [3]. - The gross margin for large energy storage systems dropped significantly from 31.4% to 11.9% during the reporting period [3]. Customer Concentration - The revenue concentration from the top five customers decreased from 98.9% to 66.5% from 2022 to 2024, with the largest customer contributing 70.4%, 30.9%, and 27.9% of total revenue in the respective years [4][5]. - The first major customer, identified as Customer A, was replaced by a new major customer in 2024, indicating high customer turnover [5]. Accounts Receivable and Inventory - Trade receivables and notes increased from 41.59 million to 520 million yuan, with a notable rise in turnover days from 56.2 to 120.6 days [6][7]. - Inventory levels rose from 32.37 million to 116 million yuan, with inventory turnover days fluctuating significantly [7]. Financial Leverage - The company’s leverage ratio reached 199.9% by 2024, indicating a high level of debt relative to equity [10][11]. - Operating cash flow turned positive in 2024, with net cash flow from operating activities reported at 373,000 yuan [9]. - The current ratio and quick ratio showed a declining trend, indicating potential short-term liquidity issues [12].