HON-Flex(300657) 证券之星·2025-03-31 23:20Core Insights - The company has significantly improved its operating performance, achieving a total revenue of 5.875 billion yuan in 2024, a year-on-year increase of 68.91% from 3.478 billion yuan in 2023. The net profit attributable to shareholders reached 56.82 million yuan, up 113.05%, successfully turning a profit [1] Business Performance - The revenue composition of the company's main business includes printed circuit board (FPC) revenue of 3.097 billion yuan, accounting for 52.71% of total revenue with a gross margin of 2.75%. The revenue from computing and related businesses was 1.988 billion yuan, making up 33.84% of total revenue with a high gross margin of 19.72, becoming a new profit growth point. The backlight module business generated 703 million yuan, representing 11.97% of total revenue with a gross margin of 9.44% [2] Financial Health - The company's operating cash flow has improved, with an operating cash flow per share of 0.41 yuan, a year-on-year increase of 41.90%. However, cash and cash equivalents decreased to 335 million yuan, down 57.78% year-on-year. Interest-bearing debt increased significantly to 2.226 billion yuan, a year-on-year rise of 62.37%, with an interest-bearing asset-liability ratio reaching 21.12% [3] Accounts Receivable - The company's accounts receivable stood at 1.889 billion yuan, a year-on-year increase of 34.18%, with accounts receivable to profit ratio as high as 3325.27%, indicating a potential risk of significant bad debts [4] Profitability and Cost Control - The company's gross margin was 10.04%, a year-on-year increase of 320.97%, while the net margin was 1.89%, up 113.33%. The ratio of operating expenses to revenue was 4.29%, a year-on-year decrease of 38.41%, demonstrating some success in cost control [5] Industry Outlook and Strategic Layout - The FPC industry, where the company operates, benefits from technological upgrades in smartphones, AI phones, foldable phones, and AIPC, leading to sustained market demand. The company has optimized internal resource integration, increased market share of mid-to-high-end products, and reduced operating costs, achieving a turnaround. Additionally, the strategic layout in the AI field, including the acquisition of 100% equity in Anlian Tong, aims to build a "computing foundation + large model + AI application" full-stack ecosystem, further enhancing the company's competitiveness [6]