Topsec(002212) 证券之星·2025-04-19 22:30Core Viewpoint - Tianruixin (002212) reported a net profit increase of 122.35% for 2024, despite a decline in total revenue of 9.73% to 2.82 billion yuan [1][3]. Financial Performance - Total revenue for 2024 was 2.82 billion yuan, down from 3.124 billion yuan in 2023, representing a decrease of 9.73% [3]. - The net profit attributable to shareholders reached 83.01 million yuan, a significant increase of 122.35% compared to a loss of 371 million yuan in 2023 [3]. - The fourth quarter revenue was 1.238 billion yuan, down 16.15% year-on-year, while the net profit for the same period was 252 million yuan, up 304.97% [1]. - Gross margin improved to 61.04%, up 1.41% year-on-year, while net margin was 2.95%, a substantial increase of 124.85% [3]. Cost and Expenses - Total operating expenses (sales, management, and financial expenses) amounted to 1.056 billion yuan, accounting for 37.43% of revenue, an increase of 2.76% year-on-year [3]. - Management expenses decreased by 40.95% due to improved efficiency and reduced share-based payment costs [3]. - Financial expenses saw a significant reduction of 224.09%, attributed to decreased lease liability financing costs and lower interest from borrowing [3]. Cash Flow and Assets - Cash flow from operating activities decreased by 49.95%, primarily due to slower customer payments and reduced cash receipts from sales [3]. - Cash and cash equivalents dropped to 666 million yuan, a decrease of 30.45% from the previous year [3]. - The company's receivables increased by 6.10% to 2.589 billion yuan [3]. Market Position and Analyst Expectations - Analysts had previously expected a net profit of around 220 million yuan for 2024, indicating that the actual results fell short of expectations [1]. - The average earnings per share for 2025 is projected to be around 0.15 yuan, with an expected net profit of approximately 183 million yuan [4].