Company Overview - 科汇股份, established on October 15, 1993, is located in Zhangdian District, Zibo City, Shandong Province, and was listed on June 16, 2021 [1] - The company specializes in the research and industrialization of electrical automation new technologies and industrial Internet of Things technologies [1] Financial Performance - As of March 31, 2025, 科汇股份 reported a revenue of 82.93 million yuan, representing a year-on-year growth of 31.78% [2] - The net profit attributable to the parent company was -589,100 yuan, showing a year-on-year increase of 87.79% [2] - Cumulative cash dividends since the A-share listing amount to 48.94 million yuan, with 36.38 million yuan distributed over the past three years [2] Stock Performance - As of August 29, 科汇股份' stock price decreased by 2.25% to 16.07 yuan per share, with a market capitalization of 1.682 billion yuan [1] - The stock has increased by 50.60% year-to-date, but has seen a decline of 4.63% over the last five trading days and 1.41% over the last 20 days [1] Shareholder Information - As of March 31, 2025, the number of shareholders increased by 13.23% to 5,478, while the average number of circulating shares per person decreased by 11.68% to 19,107 shares [2] - The top ten circulating shareholders saw the exit of the Shanghai Composite Index ETF (510210) from the list [2] Business Segmentation - The main revenue sources for 科汇股份 include: - Manufacturing of power distribution and control equipment (33.81%) - Motor manufacturing (15.87%) - Magnetic reluctance motor drive systems (15.87%) - Power distribution network automation products (10.94%) - Power system synchronization clocks (8.82%) - Transmission line fault wave distance measurement products (7.40%) - Power cable fault detection and positioning devices (5.77%) - Energy storage systems and integrated solar energy storage power stations (0.88%) - Other businesses (0.65%) [1]

Financial Performance - The company achieved a total revenue of 420 million yuan in 2024, representing a year-on-year growth of 22.13% [2] - The net profit attributable to shareholders reached 30.4973 million yuan, up 139.79% year-on-year, while the net profit excluding non-recurring items was 26.5533 million yuan, increasing by 275.18% [2] - In Q4, the total revenue was 140 million yuan, with a year-on-year growth of 19.07%, and the net profit was 15.0025 million yuan, reflecting a 90.89% increase [2] Profitability Analysis - The company's gross margin for 2024 was 43.29%, an increase of 3.66 percentage points year-on-year, while the net profit margin was 7.21%, up 114.13 percentage points [3] - Earnings per share were 0.29 yuan, showing a year-on-year growth of 141.67% [3] Cost and Expense Control - Total operating expenses (selling, administrative, and financial expenses) amounted to 106 million yuan, accounting for 25.22% of revenue, a decrease of 15.29 percentage points year-on-year [4] - Financial expenses were reduced by 48.33%, primarily due to decreased interest expenses on loans [4] Accounts Receivable and Cash Flow - The company's accounts receivable were significant, with the amount representing 710.32% of the net profit attributable to shareholders, indicating a need for improved management of accounts receivable [5] - Operating cash flow per share was 0.48 yuan, reflecting a year-on-year increase of 13.56% [5] Main Business Analysis - The primary revenue sources were from the manufacturing of power distribution and control equipment, generating 274 million yuan (65.16% of total revenue) with a gross margin of 55.20%, and from the magnetic reluctance motor drive system, which generated 128 million yuan (30.58% of total revenue) with a gross margin of 17.00% [6] - The smart grid fault monitoring and automation business and the magnetic reluctance motor business experienced growth rates of 20.96% and 27.44%, respectively [6] Industry Outlook and Company Strategy - The electrical machinery and equipment manufacturing industry is in a rapid development phase, driven by the "dual carbon" strategy and increased investments from power grid companies [7] - The company plans to continue focusing on power fault monitoring and automation, expand its magnetic reluctance motor drive system business, and explore user-side energy storage opportunities [7] Summary - Overall, the company demonstrated strong financial performance in 2024, particularly in profitability, cost control, and growth in main business areas [8] - However, the high proportion of accounts receivable indicates potential financial risks that require management's attention [8]