ChenXi Aviation(SZ:300581)2025-05-20 02:36Financial Performance - In 2024, revenue dropped by 39.78%, with a net loss of 26.59 million [3] - Operating cash flow remained negative, indicating ongoing financial challenges [3] - The contribution of financial investment income to net profit was only 559,500 [2] Inventory and Receivables - The book value of inventory was 339 million, with a write-down provision of only 3.46 million, raising concerns about potential inventory impairment risks [3] - Accounts receivable turnover ratio fell from 0.71 to 0.31, with an average collection period extending to 1,161 days [3] - Accounts receivable accounted for 36.53% of total assets, with the top five customers representing 77.22% of sales, indicating high customer concentration risk [34] Research and Development - R&D expenditure accounted for 22.03% of revenue, but core product revenue plummeted by 43.8%, highlighting a significant imbalance between R&D investment and output [3] - R&D investment increased by 38.85% year-on-year, yet revenue declined, suggesting a disconnect between R&D efficiency and market performance [20] Cost Structure - Sales, management, and financial expenses accounted for 172.46% of revenue, raising concerns about organizational efficiency [5] - The gross margin for aviation engine electronic products fell sharply by 43.15%, attributed to increased competition and potential strategic misjudgments [5] Strategic Direction - The company plans to enhance market expansion efforts and increase R&D investment to launch new products [39] - There are ongoing discussions about the company's ability to maintain military-civilian integration amid financial difficulties [25]