HBYH(000422) 中国经营报·2025-04-11 02:19Core Viewpoint - Hubei Yihua's 2024 annual report shows a slight decline in revenue but a significant increase in net profit, raising questions about the sustainability of its core business performance [1][2]. Financial Performance - In 2024, Hubei Yihua achieved operating revenue of 16.964 billion yuan, a year-on-year decrease of 0.48% [1][2]. - The net profit attributable to shareholders was 653 million yuan, an increase of 44.32% year-on-year, but the net profit excluding non-recurring items was only 427 million yuan, down 10.58% year-on-year [1][2]. - The company reported a significant loss in the fourth quarter, with a non-recurring net profit loss of 131 million yuan, a year-on-year decline of 187.1% [1][2]. Business Segment Analysis - The fertilizer segment saw a revenue of 2.773 billion yuan for urea, down 13.08%, with a gross margin decrease of 7.81 percentage points to 19.98% [3]. - Phosphate diammonium showed resilience with a revenue of 4.879 billion yuan, up 6.87%, and a gross margin increase of 6.17 percentage points to 19.90% [3]. - In the chemical products segment, PVC revenue was 4.130 billion yuan, down 8.59%, with a gross margin of -8.79% [3]. Market Environment - The chemical industry is facing intense competition and fluctuating market conditions, impacting Hubei Yihua's performance [4]. - External factors such as raw material price volatility and changing market demand have increased the difficulty in cost control and production planning [4]. Cash Flow and Debt Situation - Hubei Yihua's operating cash flow net amount was 768 million yuan, a decrease of 52.8% year-on-year, with negative cash flow in the fourth quarter [6]. - As of the end of 2024, the total liabilities were 17.925 billion yuan, with a debt-to-asset ratio of 67.1%, an increase of 12.48% year-on-year [7]. - The company has significant ongoing projects, with construction in progress amounting to 4.5 billion yuan, representing 16.85% of total assets [7].