Core Viewpoint - Beilong Precision (301567) reported a mixed financial performance for the year 2024, with revenue growth but a significant decline in net profit, indicating potential challenges in profitability and cash flow management [1][2]. Financial Performance Summary - Total revenue for 2024 reached 402 million yuan, a year-on-year increase of 5.65% compared to 380 million yuan in 2023 [3]. - Net profit attributable to shareholders was 37.9 million yuan, down 34.75% from 58.1 million yuan in the previous year [3]. - The fourth quarter saw a revenue of 105 million yuan, a decrease of 5.82% year-on-year, with net profit of 11.9 million yuan, down 22.96% [1]. Key Financial Ratios - Gross margin decreased to 24.47%, down 21.57% from 31.20% in 2023, while net margin fell to 9.43%, a decline of 38.25% [3]. - The ratio of selling, general, and administrative expenses to revenue increased to 8.56%, up 10.6% from 7.74% [3]. - Earnings per share dropped to 0.54 yuan, a 50% decrease from 1.08 yuan in the previous year [3]. Cash Flow and Debt Management - Cash and cash equivalents increased significantly by 319.47% to 38.6 million yuan [3]. - Accounts receivable decreased by 5.08% to 147 million yuan, but the ratio of accounts receivable to net profit reached 388.76%, indicating potential liquidity issues [1][4]. - Interest-bearing debt decreased by 95.70% to 12 million yuan, reflecting a reduction in financial leverage [3]. Operational Insights - The company's return on invested capital (ROIC) was 5.43%, indicating average capital efficiency [4]. - The cumulative financing since the IPO was 386 million yuan, with total dividends amounting to 20.16 million yuan, resulting in a dividend-to-financing ratio of 0.05 [4]. - The company’s reliance on capital expenditure and equity financing raises concerns about the sustainability of its growth model [4].