YINGLIU(603308) 金融界·2025-03-31 11:29Core Viewpoint - The company reported a decline in net profit despite revenue growth, indicating ongoing challenges in profitability and cost management. Revenue Performance - The company achieved total revenue of 2.513 billion yuan in 2024, a year-on-year increase of 4.21%, significantly slowing from 9.75% in 2023 [2] - Net profit attributable to shareholders was 286 million yuan, down 5.57% year-on-year, continuing a downward trend from a 24.50% decline in 2023 [2] - The non-recurring net profit was 277 million yuan, reflecting a decrease of 1.09%, indicating a persistent weakening in the core business profitability [2] High-end Equipment Manufacturing - The company made progress in high-end equipment manufacturing, particularly in the aviation engine and gas turbine sectors, with gas turbine hot-end component orders increasing by 102.8% [3] - Despite a significant increase in order volume, the gross profit for 2024 was 861 million yuan, down 1.26%, with a gross margin of 34.26%, lower than 36.16% in 2023 [3] - The company invested heavily in R&D, adding 40 invention patents and 38 utility model patents during the reporting period, but this did not translate into significant profit growth [4] Nuclear Energy Business - The company delivered 10 units of the "Hualong One" nuclear primary pump shell and developed the world's first modular metal insulation layer for reactor pressure vessels [5] - Despite growth in nuclear energy orders, the revenue contribution from this sector remains small, and high R&D and production costs have led to low profitability [5] - The competitive landscape in the nuclear energy sector is intensifying, posing challenges to the company's market share and profitability [5] Low-altitude Economy - The company has made initial strides in the low-altitude economy, with its subsidiary obtaining a general airport operating license for Liu'an Jin'an Airport [6] - Strategic cooperation with Beijing Institute of Technology aims to develop high-efficiency hybrid power systems for various platforms [6] - However, the profitability outlook in the low-altitude economy remains uncertain due to the nascent stage of market demand and business models, alongside increasing competition [6] Overall Assessment - The company has made progress in high-end equipment manufacturing, nuclear energy, and low-altitude economy sectors, but the continuous decline in net profit indicates that profitability has not improved effectively [6] - There is a need for the company to enhance cost control and profitability measures to address the intensifying market competition [6]