悦达投资扣非连亏8年，非经常性损益撑业绩

Core Viewpoint - Yueda Investment has been struggling with continuous losses in its net profit for eight consecutive years, accumulating losses exceeding 3.6 billion yuan, primarily due to poor management decisions and a failed transition to new energy sectors [1][2][10]. Financial Performance - The company has reported a cumulative loss of 3.677 billion yuan in non-recurring net profit from 2017 to 2024, significantly higher than losses reported by some local state-owned enterprises during the same period [2][4]. - In 2024, the company recorded a non-recurring net loss of 72.66 million yuan, with no improvement in its main business operations [2][4]. - The company’s financial statements reveal high operational costs, including sales expenses of 107 million yuan, management expenses of 208 million yuan, and financial expenses of 67.96 million yuan in 2024 [4][5]. Business Transition - Yueda Investment has shifted its focus from the automotive sector, where it has seen significant losses, to cotton yarn, textiles, agricultural equipment, and logistics [4][10]. - The cotton yarn business generated 1.1 billion yuan in revenue in 2024, accounting for 36.27% of total revenue, but with a low gross margin of only 8.19% [4][10]. - The company has invested heavily in new energy projects, including a 1.58 billion yuan photovoltaic project, but has seen minimal returns, with actual revenue of only 1.1 million yuan in 2024 [6][8]. Debt and Financial Pressure - By the end of 2024, Yueda Investment had over 3.2 billion yuan in interest-bearing debt, with interest expenses nearing 80 million yuan, severely impacting profit margins [9]. - The company has relied on asset sales and government subsidies to maintain its financial standing, with non-recurring gains contributing 99.92 million yuan to its net profit in 2024, highlighting a lack of sustainable profitability in its core operations [5][9]. Industry Challenges - The photovoltaic industry is facing increased challenges due to reduced subsidies and rising abandonment rates, making profitability difficult [11]. - The company’s new energy initiatives have not yielded significant results, with revenues from new energy operations only accounting for 1.25% of total revenue in 2024 [6][11]. - Despite claims of competitive advantages in project acquisition and resource integration, the high investment and low returns in new energy projects indicate poor execution of the transition strategy [12].