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  据证券之星公开数据整理,近期洁美科技(002859)发布2024年年报。截至本报告期末,公司营业总收入18.17亿元,同比上升15.57%,归母净利润2.02亿元,同比下降20.91%。按单季度数据看,第四季度营业总收入4.75亿元,同比上升6.69%,第四季度归母净利润2500.87万元,同比下降69.93%。本报告期洁美科技公司应收账款体量较大,当期应收账款占最新年报归母净利润比达290.92%。

  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2.83亿元左右。

  本次财报公布的各项数据指标表现一般。其中,毛利率34.2%,同比减4.51%,净利率11.12%,同比减31.57%,销售费用、管理费用、财务费用总计2.14亿元,三费占营收比11.78%,同比增17.6%,每股净资产6.59元,同比减0.73%,每股经营性现金流0.59元,同比增7.06%,每股收益0.47元,同比减20.34%

  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307.99%,原因:部分投资项目竣工投产、可转债利息和部分长期贷款利息费用化;同时报告期受汇率波动影响,财务费用中汇兑净收益同比下降。研发费用变动幅度为85.5%,原因:报告期内高端聚脂薄膜等国产替代电子级薄膜新材料研发试制投入加大。投资活动现金流入小计变动幅度为1325.72%,原因:报告期内处置固定资产收回的现金同比增加。投资活动现金流出小计变动幅度为56.8%,原因:报告期内江西“退城入园”项目、天津电材华北地区产研总部基地项目建设、电子级BOPET膜项目(二期)和流延膜项目(二期)投入同比增加。投资活动产生的现金流量净额变动幅度为-56.31%,原因:报告期内江西“退城入园”项目、天津电材华北地区产研总部基地项目建设、电子级BOPET膜项目(二期)和流延膜项目(二期)投入同比增加。筹资活动现金流入小计变动幅度为97.19%,原因:报告期内中长期贷款增加。筹资活动产生的现金流量净额变动幅度为884.8%,原因:报告期内中长期贷款增加。现金及现金等价物净增加额变动幅度为95.55%,原因:报告期内货款按期回款、上年同期提前归还部分流动资金贷款和竣工投产项目贷款较多。

  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4.39%,资本回报率不强。去年的净利率为11.12%,算上全部成本后,公司产品或服务的附加值一般。偿债能力:公司有息负债相较于当前利润级别不算少,且依赖有息负债增长驱动业绩,建议研究有无负债过重风险。融资分红:公司上市8年以来,累计融资总额12.47亿元,累计分红总额5.82亿元,分红融资比为0.47。商业模式:公司业绩主要依靠资本开支及债权融资驱动,还需重点关注公司资本开支项目是否划算以及资本支出是否刚性面临资金压力。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60.49%)建议关注公司债务状况(有息资产负债率已达43.62%)建议关注公司应收账款状况(应收账款/利润已达290.92%)

  分析师工具显示:证券研究员普遍预期2025年业绩在3.01亿元,每股收益均值在0.7元。

  持有洁美科技最多的基金为长江智能制造混合发起式A,目前规模为3.23亿元,最新净值1.1088(4月15日),较上一交易日下跌0.58%,近一年上涨22.39%。该基金现任基金经理为施展。

最近有知名机构关注了公司以下问题:

问:公司离型膜的产能情况?

  答:目前离型膜年产能4亿平米,其中浙江安吉基地年产能3亿平米,广东肇庆基地年产能1亿平米,广东肇庆基地离型膜总共规划了年产能2亿平米,二期新增的年产能1亿平米会根据客户放量的进度确定投产节奏;此外天津基地规划的年产能4.8亿平米的离型膜正在根据计划有序进行,目前处于厂房建设阶段,部分生产设备也已经预定。

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