SIEYUAN(002028) 证券之星·2025-04-19 22:25Core Viewpoint - The recent financial report of Siyuan Electric (002028) shows strong growth in revenue and net profit for 2024, although the results fell short of analyst expectations [1][3]. Financial Performance - The total revenue for 2024 reached 15.458 billion yuan, a year-on-year increase of 24.06% [1][3]. - The net profit attributable to shareholders was 2.049 billion yuan, up 31.42% compared to the previous year [1][3]. - In Q4 2024, the revenue was 5.051 billion yuan, reflecting a 30.2% increase year-on-year, while the net profit for the same quarter was 558 million yuan, up 35.73% [1][3]. Key Financial Metrics - Gross margin improved to 31.25%, an increase of 5.92% year-on-year [3]. - Net margin rose to 13.49%, up 4.47% from the previous year [3]. - Total operating expenses (selling, administrative, and financial) amounted to 1.21 billion yuan, accounting for 7.83% of revenue, which is a 4.09% increase year-on-year [3]. - Earnings per share (EPS) increased to 2.64 yuan, a 30.69% rise compared to the previous year [3]. Accounts Receivable and Cash Flow - Accounts receivable increased by 32.73% year-on-year, reaching 5.758 billion yuan [3]. - The net cash flow from operating activities was 2.462 billion yuan, with significant increases in cash received from sales [3]. Market Outlook - Analysts have projected net profits for 2025 to be around 2.602 billion yuan, with an average EPS forecast of 3.35 yuan [5]. - The company aims to maintain its competitive edge in both grid and non-grid markets, particularly in power generation and industrial sectors [7].