ComNav Technology (SH:688592) 梧桐树下V·2025-05-26 08:06Core Viewpoint - The company, SiNan Navigation, reported a significant decline in profitability in its second annual report post-IPO, with a revenue of 412.86 million yuan in 2024, a slight increase of 0.28% year-on-year, but a net loss of 33.05 million yuan, representing a dramatic decline of 179.03% compared to the previous year [1]. Group 1: Revenue and Profitability - The company experienced a decline in gross profit margin, dropping nearly 4 percentage points to the lowest level in five years [3]. - The decrease in terminal prices, particularly for high-precision GNSS boards/modules and data application solutions, led to a significant drop in revenue from these segments, down 12.20 percentage points [5]. - The price of high-precision GNSS boards/modules fell from 374 yuan in 2023 to 303 yuan in 2024, a nearly 20% decrease, while the cost per unit slightly increased, resulting in a gross profit reduction of 93 yuan, or 39% [8]. - The total period expenses increased by 27.95% for sales expenses, 28.20% for management expenses, and 119.44% for financial expenses, contributing to the overall loss [9][10]. Group 2: Accounts Receivable and Financial Health - By the end of 2024, accounts receivable accounted for over 90% of the company's revenue, raising concerns about the authenticity of previous years' revenue [11]. - The accounts receivable balance increased by 1.62 times over five years, with the proportion of accounts receivable to revenue rising significantly, indicating a growing reliance on credit sales [11]. - The company recorded a substantial increase in bad debt provisions, totaling 31.60 million yuan, a 428.29% increase year-on-year, further impacting profitability [15]. Group 3: Government Subsidies - The company's profits have been heavily reliant on government subsidies, which accounted for 97.92% of total profits over the past five years, totaling 97.36 million yuan [16]. - The company has received significant government subsidies, with deferred income from these subsidies expected to contribute to future profits [20]. Group 4: Project Delays and Management Changes - All fundraising projects from the IPO have faced delays, with the completion dates pushed back significantly, indicating potential operational challenges [23][26]. - The company experienced a high turnover in financial management, with the newly appointed financial director resigning after only six months [29]. Group 5: Continued Losses in 2025 - In the first quarter of 2025, the company reported a revenue of 43.83 million yuan, a year-on-year increase of 13.32%, but continued to incur a net loss of 10.38 million yuan, a 46.24% increase in losses compared to the previous year [30].