濮耐股份财报解读：净利润下滑45.48%，财务费用大增75.94%

Core Viewpoint - Puyang Puna High-Temperature Materials (Group) Co., Ltd. reported significant declines in multiple financial metrics for the year 2024, including a 45.48% drop in net profit and a 75.94% increase in financial expenses, indicating challenges in profitability and cost management [1][3][5]. Revenue and Profit - The company achieved operating revenue of approximately 5.19 billion yuan in 2024, a decrease of 5.13% from the previous year [2]. - The steel division's revenue fell by 7.77%, while the environmental materials division saw a 23.49% decline; conversely, the raw materials division (renamed new materials division in 2025) experienced a 40.30% increase in revenue [2]. Net Profit - The net profit attributable to shareholders was approximately 135 million yuan, down 45.48% from about 248 million yuan in 2023 [3]. - The net profit excluding non-recurring gains and losses was approximately 75.79 million yuan, a decrease of 63.29% compared to the previous year [3]. Earnings Per Share - Basic earnings per share were 0.14 yuan, a decline of 44.00% from 0.25 yuan in 2023; the diluted earnings per share also decreased significantly [4]. Expense Analysis - Financial expenses surged by 75.94% to approximately 64.30 million yuan, primarily due to increased foreign exchange losses from currency fluctuations [5][8]. - Sales expenses grew by 3.05% to approximately 264 million yuan, indicating ongoing investment in market promotion despite revenue decline [6]. - Management expenses remained stable, suggesting a need for improved operational efficiency [7]. Cash Flow - The net cash flow from operating activities was approximately 431 million yuan, reflecting a 12.39% increase, indicating enhanced cash generation from core operations [11]. - Investment activities resulted in a negative cash flow of approximately 229 million yuan, while financing activities also saw a significant decrease in net cash flow [11]. International Trade Risks - The company’s overseas business has grown to nearly 30%, but it faces challenges from international trade friction, despite efforts to enhance competitiveness through investments in the U.S. and Serbia [12]. Management Compensation - Management compensation is linked to company performance, with various executives receiving fixed salaries and performance-based bonuses, reflecting an incentive mechanism tied to company results [13].