Topsec(002212) 证券之星·2025-04-19 23:11Core Viewpoint - Tianrongxin achieved a turnaround in profitability for 2024, despite a decline in total revenue, indicating effective cost control and operational efficiency improvements [2][8]. Group 1: Operating Performance - The total operating revenue for Tianrongxin in 2024 was 2.82 billion yuan, a year-on-year decrease of 9.73%. However, the net profit attributable to shareholders reached 83.01 million yuan, an increase of 122.35% year-on-year. The net profit after deducting non-recurring items was 53.95 million yuan, up 112.94% year-on-year [2]. - In Q4, the total operating revenue was 1.238 billion yuan, down 16.15% year-on-year, but the net profit attributable to shareholders was 252 million yuan, a significant increase of 304.97% year-on-year. The net profit after deducting non-recurring items was 239 million yuan, up 255.73% year-on-year, indicating a strong year-end rebound [3]. Group 2: Financial Indicators - Gross margin was 61.04%, an increase of 1.41% year-on-year. Net margin was 2.95%, up 124.85% year-on-year. The ratio of operating expenses to revenue was 37.43%, an increase of 2.76% year-on-year. Earnings per share were 0.07 yuan, an increase of 122.45% year-on-year [9]. - The net cash flow from operating activities decreased by 49.95% year-on-year, primarily due to tightened procurement budgets from downstream customers, leading to slower collections. Accounts receivable stood at 2.589 billion yuan, representing 3118.44% of profit, indicating significant pressure in accounts receivable management [5]. Group 3: Cost and Expenses - Management expenses decreased by 40.95% year-on-year, attributed to improved management efficiency and reduced share-based payment expenses. Financial expenses decreased by 224.09%, mainly due to reduced amortization of lease liabilities and no borrowing activities. R&D expenses decreased by 16.42%, as the layout of R&D investments was largely completed [10]. Group 4: Industry Outlook and Company Strategy - 2024 marks the 30th anniversary of China's full-function access to the international internet. As one of the earliest established cybersecurity companies in China, Tianrongxin plans to focus on domestic production, industry specialization, service enhancement, and intelligence in its operations. The company aims to become a leading provider of cybersecurity and intelligent cloud solutions by 2025, empowering digital and intelligent transformation across various industries [6].