Sichuan Injet Electric (SZ:300820)2025-04-28 01:16Financial Performance - In 2024, the company's revenue reached 1.78 billion CNY, a year-on-year increase of 0.59%, while net profit decreased by 25.19% [2] - Revenue from the photovoltaic industry was 873.79 million CNY, accounting for 49.08% of total revenue, a year-on-year decrease of 10.27% [2] - Revenue from the semiconductor and electronic materials industry was 350.61 million CNY, accounting for 19.69% of total revenue, a year-on-year increase of 6.41% [2] - Other industries saw revenue growth of approximately 553 million CNY, a year-on-year increase of 18.92% [2] Reasons for Performance Decline - Delayed revenue recognition in the photovoltaic sector due to equipment capacity adjustments, with nearly 1.9 billion CNY of goods shipped but not yet recognized as sales [3] - Provision for inventory impairment of approximately 43.71 million CNY due to the challenging conditions in the photovoltaic industry [3] - Increased operating expenses, particularly R&D expenses, which grew by 40% [3] Cash Flow and Inventory - Net cash flow from operating activities was 601.77 million CNY, an increase of 462.05 million CNY year-on-year [5] - Inventory decreased from 1.838 billion CNY in 2023 to 1.556 billion CNY in 2024, with contract liabilities remaining stable at around 1.1 billion CNY [5] Order Situation - New orders in 2024 decreased by approximately 40% due to a significant drop in photovoltaic orders, while overseas orders reached around 500 million CNY [6] - As of the end of 2024, the company had over 2.7 billion CNY in hand orders, providing a solid basis for future revenue recognition [6] Future Outlook - The company aims to achieve revenue of 5 billion CNY within the next 3 to 4 years and enter the top 100 private enterprises in Sichuan [17] - Despite current challenges in the photovoltaic sector, the management remains confident in the company's growth potential and plans to enhance efforts in various segments [18]