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  据证券之星公开数据整理,近期风华高科(000636)发布2024年年报。截至本报告期末,公司营业总收入49.39亿元,同比上升17.0%,归母净利润3.37亿元,同比上升94.47%。按单季度数据看,第四季度营业总收入13.67亿元,同比上升39.3%,第四季度归母净利润7187.29万元,同比上升15.91%。本报告期风华高科盈利能力上升,毛利率同比增幅33.57%,净利率同比增幅56.11%。

  该数据低于大多数分析师的预期,此前分析师普遍预期2024年净利润为盈利3.95亿元左右。

  本次财报公布的各项数据指标表现尚佳。其中,毛利率19.17%,同比增33.77%,净利率6.7%,同比增56.11%,销售费用、管理费用、财务费用总计3.0亿元,三费占营收比6.07%,同比增2.82%,每股净资产10.56元,同比增2.41%,每股经营性现金流0.39元,同比增27.58%,每股收益0.29元,同比增93.33%

  财务报表中对有大幅变动的财务项目的原因说明如下:

财务费用变动幅度为34.36%,原因:公司报告期存款利息同比减少。研发费用变动幅度为24.5%,原因:公司报告期加大研发投入。经营活动产生的现金流量净额变动幅度为27.58%,原因:报告期公司销售商品提供劳务收到的现金同比增加。投资活动产生的现金流量净额变动幅度为51.92%,原因:报告期公司投资支付的现金同比减少。筹资活动产生的现金流量净额变动幅度为87.63%,原因:报告期公司偿还债务支付的现金同比减少。存货变动幅度为41.59%,原因:公司报告期根据市场情况增加备货。固定资产变动幅度为8.28%,原因:公司报告期扩产项目逐步达产,基建工程以及机器设备达到预定可使用状态转入固定资产。在建工程变动幅度为-79.15%,原因:公司报告期机器设备达到预定可使用状态转固。长期借款变动幅度为-68.02%,原因:公司将一年内到期的长期借款本金重分类至一年内到期的非流动负债。一年内到期的非流动资产的变动原因:公司报告期将一年内到期的大额定期存款重分类至一年内到期的非流动资产。应付票据变动幅度为50.53%,原因:公司报告期为缓解资金成本压力,以留存资金获取更大资金收益,扩大信用开立银承份额。一年内到期的非流动负债变动幅度为2897.03%,原因:公司将一年内到期的长期借款本金重分类至一年内到期的非流动负债。预计负债变动幅度为-86.97%,原因:公司报告期未决诉讼均已结案。

  证券之星价投圈财报分析工具显示:

业务评价:公司去年的ROIC为1.98%,资本回报率不强。去年的净利率为6.7%,算上全部成本后,公司产品或服务的附加值一般。偿债能力:公司现金资产非常健康。融资分红:公司上市29年以来,累计融资总额83.15亿元,累计分红总额14.05亿元,分红融资比为0.17。商业模式:公司业绩主要依靠股权融资驱动。需要仔细研究这类驱动力背后的实际情况。

  财报体检工具显示:

建议关注公司应收账款状况(应收账款/利润已达419.4%)

  分析师工具显示:证券研究员普遍预期2025年业绩在5.38亿元,每股收益均值在0.46元。

  持有风华高科最多的基金为中信建投价值增长A,目前规模为7.42亿元,最新净值0.9633(4月15日),较上一交易日上涨1.12%,近一年上涨1.16%。该基金现任基金经理为张燕。

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