SJA(600609) 金融界·2025-04-03 00:54Core Insights - Jinbei Automotive reported a revenue of 4.366 billion yuan for 2024, a decrease of 15.05% year-on-year, marking the second consecutive year of revenue decline [1][2] - The net profit attributable to shareholders was 382 million yuan, a significant increase of 214.06% year-on-year, primarily driven by non-recurring gains [1][3] - The company faces challenges with cash flow, as net cash flow from operating activities fell by 31.70% to 581 million yuan [2] Revenue Decline Concerns - The revenue decline is attributed to weak market demand and ineffective product structure adjustments, with a previous decline of 8.73% in 2023 [2] - Despite progress in the BMW project, the overall business scale has not effectively expanded [2] - The reduction in short-term borrowings by 100% indicates limited financing options, despite a lower debt ratio [2] Non-Recurring Profit Growth - The net profit increase is largely due to non-recurring gains, including a reversal of impairment provisions for receivables amounting to 30.5862 million yuan and government subsidies of 27.5787 million yuan [3] - The adjusted net profit, excluding non-recurring items, was 253 million yuan, reflecting a growth of 204.94%, but the core business profitability remains weak [3] BMW Project Highlights and R&D Investment Issues - Jinbei Automotive made progress in the BMW project, successfully launching new business in seats and interiors, with the G68 project entering production smoothly [4] - However, R&D investment decreased by 38.42% to 194 million yuan, with R&D spending as a percentage of revenue dropping by 1.69 percentage points to 4.44% [4] - The reduction in R&D investment may impact future technological innovation and product competitiveness [4]