CATEC(600879) 新浪财经·2025-03-28 04:29Core Viewpoint - The company reported its 2024 annual results, showing a revenue of 14.28 billion, a year-over-year decrease of 23.7%, while the net profit attributable to shareholders was 550 million, an increase of 4.4% year-over-year. The performance met market expectations despite a decline in revenue due to reduced aerospace product deliveries and other factors [1]. Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 5.05 billion, a year-over-year decrease of 12.5%, with a net profit of -14 million compared to 12 million in the same period last year [1]. - The gross margin for Q4 2024 decreased by 4.1 percentage points to 17.7%, while the net margin fell by 1.0 percentage point to 0.1% [1]. - The gross margin for 2024 improved by 0.7 percentage points to 21.0%, and the net margin increased by 1.1 percentage points to 4.2% [1]. Group 2: Revenue Breakdown - In 2024, the company generated 11.82 billion from aerospace products, a year-over-year decrease of 17.6%, accounting for 83% of total revenue, with a gross margin slightly down by 1.20 percentage points to 21.9% [2]. - The revenue from civilian products was 2.37 billion, a year-over-year decrease of 43.9%, representing 17% of total revenue, with a gross margin increasing by 5.18 percentage points to 15.2% [2]. Group 3: Operational Insights - The company made significant progress in the development of unmanned system military trade products, achieving record delivery numbers and revenue in 2024, with expanded military trade cooperation channels [2]. - The company is aligning with major aerospace model support tasks and accelerating product layout in emerging markets such as commercial aerospace and low-altitude economy [2]. Group 4: Cash Flow and Financial Health - The company's expense ratio increased by 2.3 percentage points to 18.4% in 2024, with sales expenses at 2.1%, management expenses at 9.0%, and financial expenses at 1.2% [3]. - As of the end of 2024, accounts receivable and notes totaled 7.84 billion, a decrease of 14.4% from the beginning of the year, while inventory increased by 3.8% to 20.25 billion [3]. - The net cash flow from operating activities improved to -400 million in 2024 from -1.02 billion in 2023 [3]. Group 5: Future Outlook - The company aims to achieve a revenue of 14.409 billion in 2025, representing a year-over-year increase of 0.90% [1]. - The projected net profits for 2025 to 2027 are 582 million, 669 million, and 774 million respectively, with corresponding price-to-earnings ratios of 52x, 45x, and 39x [4].