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据证券之星公开数据整理,近期电科数字(600850)发布2024年年报。截至本报告期末,公司营业总收入107.06亿元,同比上升7.05%,归母净利润5.51亿元,同比上升10.77%。按单季度数据看,第四季度营业总收入36.06亿元,同比上升17.31%,第四季度归母净利润2.48亿元,同比上升13.31%。本报告期电科数字应收账款上升,应收账款同比增幅达31.32%。

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5.82亿元左右。

本次财报公布的各项数据指标表现尚佳。其中,毛利率19.19%,同比减5.55%,净利率5.1%,同比减2.44%,销售费用、管理费用、财务费用总计9.99亿元,三费占营收比9.33%,同比减5.38%,每股净资产7.07元,同比增7.69%,每股经营性现金流-0.36元,同比减272.49%,每股收益0.8元,同比增10.33%

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128.42%,原因:本期租赁未确认融资费用摊销增加,利息收入减少。收到的税费返还变动幅度为-64.1%,原因:本期收到的税费返还减少。处置固定资产、无形资产和其他长期资产收回的现金净额变动幅度为480.62%,原因:本期收到处置非流动资产的款项增加。投资支付的现金的变动原因:增加上海华诚金锐信息技术有限公司投资款。取得借款收到的现金变动幅度为116.81%,原因:本期取得借款收到的现金增加。收到其他与筹资活动有关的现金的变动原因:柏飞电子未实现业绩承诺,相关补偿义务方退回分红款而收到的款项。分配股利、利润或偿付利息支付的现金变动幅度为103.7%,原因:分配股利支付的现金增加。应收款项变动幅度为31.32%,原因:本期末尚未收到的货款增加。应收款项融资变动幅度为-33.02%,原因:本期末持有供应链平台票据减少。其他流动资产变动幅度为99.26%,原因:本期末待认证、待抵扣及预缴税金增加。无形资产变动幅度为33.12%,原因:本期末资本化项目转入的无形资产增加。开发支出变动幅度为85.92%,原因:本期末正在进行中的研究开发项目增加。长期待摊费用变动幅度为48.54%,原因:本期末办公楼装修工程投入增加。其他非流动资产变动幅度为-68.3%,原因:本期末预付工程设备款减少。短期借款变动幅度为98.62%,原因:本期末信用借款增加。应付票据变动幅度为520.5%,原因:本期末未到期应付票据增加。其他流动负债变动幅度为152.23%,原因:本期末应收票据已背书未终止确认款项增加。递延收益变动幅度为112.25%,原因:本期新增政府补助。经营活动产生的现金流量净额变动幅度为-271.6%,原因:本期销售商品、提供劳务收到的款项减少,购买商品、接受劳务支付的现金增加。筹资活动产生的现金流量净额变动幅度为34.34%,原因:分配股利支付的现金增加。投资收益变动幅度为130.4%,原因:本期票据贴现终止利息减少。资产减值损失变动幅度为30.04%,原因:本期合同资产减值计提减少。资产处置收益变动幅度为-97.59%,原因:本期终止使用权资产相关利得减少。营业外收入变动幅度为-35.2%,原因:本期营业外项目收入减少。营业外支出变动幅度为215.05%,原因:本期营业外项目支出增加。

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9.79%,资本回报率一般。去年的净利率为5.1%,算上全部成本后,公司产品或服务的附加值一般。融资分红:公司上市31年以来,累计融资总额42.14亿元,累计分红总额15.86亿元,分红融资比为0.38。商业模式:公司业绩主要依靠研发、营销及股权融资驱动。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:建议关注公司现金流状况(货币资金/流动负债仅为47.84%、近3年经营性现金流均值/流动负债仅为-0.17%)建议关注财务费用状况(近3年经营活动产生的现金流净额均值为负)建议关注公司应收账款状况(应收账款/利润已达434.88%)

持有电科数字最多的基金为申万菱信量化小盘股票(LOF)C,目前规模为2.7亿元,最新净值1.8635(4月15日),较上一交易日下跌0.24%,近一年上涨9.75%。该基金现任基金经理为王剑。

最近有知名机构关注了公司以下问题:

问:公司在AI算力相关业务的布局情况?未来发展计划?

答:在边端算力方面,柏飞电子拥有核心产品,已在特殊行业广泛应用,未来计划逐步扩展至轨交、水利等关键行业。在数据中心算力方面,公司积极参与算力中心建设,成功中标上海临港算力基础设施等项目。此外,公司构建了满足客户训练和推理需求的智算全栈解决方案,支持华为等国产算力芯片,并自主研发了算力调度平台。目前,公司以解决方案模式参与算力中心建设,近年来业务需求持续增长,今年在教育、运营商等行业也看到了新的项目机会。

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