4月21日，特发服务（300917.SZ）正式发布了2024年年报。年报显示，公司全年实现营业收入28.64亿元，同比增长17%；归母净利润1.22亿元，同比微增 1.24%。在物业行业竞争加剧的背景下，特发服务交出了一份连续五年"增收增利"的成绩单，但也面临净利润增速放缓、现金流承压、应收账款增速过快等 问题。 | | 2024 年 | 2023 年 | 本年比上年增减 | | --- | --- | --- | --- | | 营业收入(元) | 2, 863, 615, 951. 63 | 2, 447, 601, 179. 81 | 17.00% | | 归属于上市公司股东 | 121, 638, 011. 00 | 120, 148, 853. 08 | 1.24% | | 的净利润(元) | | | | | 归属于上市公司股东 的扣除非经常性损益 | 105, 268, 607. 84 | 101, 525, 048. 03 | 3.69% | | 的净利润(元) | | | | | 经营活动产生的现金 | 122, 392, 766. 94 | 212, 325, 585. 40 | -42. ...

Core Insights - Xianglou New Materials (301160.SZ) reported record high revenue and net profit for 2024, but the slowing growth rate has raised market concerns [2][3] Financial Performance - The company achieved operating revenue of 1.485 billion yuan, a year-on-year increase of 9.74% [2] - The net profit attributable to shareholders was 207 million yuan, with a modest growth of 3.1%, significantly down from 42.2% in 2023 [2] - The non-recurring net profit showed a better performance with a year-on-year growth of 12.26% [2] - Operating cash flow net amount was only 109 million yuan, a sharp decline of 34.45% year-on-year, raising concerns about profit quality [2] Profitability Metrics - Gross margin slightly increased by 0.39 percentage points to 25.75%, while net margin decreased from 14.83% in 2023 to 13.93% [2] - The disparity between cash flow and net profit is highlighted by a cash flow to net profit ratio of only 0.53, below the industry healthy level [2] - Accounts receivable accounted for 22.86% of total assets, indicating weakened collection capability [2] Market Position and Strategy - Xianglou New Materials maintains an advantage in the automotive precision stamping materials sector, indirectly supplying leading companies like Tesla and BYD [3] - The company is actively expanding into new businesses such as robotics materials, but its internationalization progress remains slow with export business accounting for less than 1% [3] - R&D investment ranks 7th among peers, raising questions about whether technological innovation can support future growth [3] Shareholder Returns and Future Outlook - The company announced a high dividend plan of 10 yuan per 10 shares and a bonus issue of 4.5 shares [3] - Capital expenditures continue to exceed operating cash flow, and the impact of the new factory in Anhui on performance remains to be seen [3] - Balancing short-term shareholder returns with long-term competitiveness is a key challenge for the company's future development [3]