鼎汉技术回复深交所问询：业绩波动与财务状况解析

Core Viewpoint - Dinghan Technology has provided a detailed response to the Shenzhen Stock Exchange regarding its performance, financial indicators, and overseas business, showcasing its operational status and development trends [1][5]. Financial Performance - The company's main business revenue for the reporting period was 1,333.45 million, 1,264.31 million, 1,502.30 million, and 1,139.16 million, showing some fluctuations [1]. - The net profit attributable to the parent company, after deducting non-recurring gains and losses, was -3.63 million, -206.82 million, -18.53 million, and 7.77 million, indicating significant performance volatility [1]. - The gross profit margins for the main business were 34.86%, 30.56%, 31.06%, and 29.51% [2]. Cash Flow and Receivables - The net cash flow from operating activities was -13.24 million, -130.13 million, 118.96 million, and 19.33 million [2]. - Accounts receivable balances at the end of each period were 1,423.65 million, 1,581.57 million, 1,825.54 million, and 1,866.98 million [2]. Overseas Business - Overseas revenue was 123.18 million, 107.90 million, 124.47 million, and 115.86 million, accounting for 8.91%, 8.50%, 8.20%, and 10.11% of total main business revenue respectively [2]. Inventory and Assets - The inventory value was 410.11 million, with a provision for inventory depreciation of 39.96 million [2]. - The fixed asset utilization rate was generally good, with sufficient impairment provisions [3]. Market Position and Demand - The rail transit industry is supported by policies, leading to market expansion, although the company's bargaining power is limited due to customer concentration and strict procurement processes [3]. - The growth in main business revenue in 2023 was driven by ground and vehicle electrical equipment, while 2024 growth is expected to come mainly from vehicle electrical equipment [3]. Financial Risks - The company has a lower current ratio and quick ratio compared to industry peers, with a higher debt-to-asset ratio due to significant short-term and long-term borrowings [4]. - Despite facing administrative penalties, the company has not engaged in major illegal activities that would severely harm investor rights or public interests [4].