Lettall Electronic(SH:603629)2024-04-22 08:55Financial Performance - The company's operating revenue for Q1 2024 was CNY 427,850,250.45, representing a decrease of 0.41% compared to the same period last year[5]. - Net profit attributable to shareholders increased by 127.12% to CNY 33,095,293.45, driven by rapid growth in computing power business[5][9]. - The net profit attributable to shareholders after deducting non-recurring gains and losses surged by 447.75% to CNY 29,536,412.66[5][9]. - The basic and diluted earnings per share were both CNY 0.13, reflecting a 62.50% increase compared to the same period last year[5][9]. - Operating profit increased significantly to ¥41,364,790.72, compared to ¥14,595,439.05 in Q1 2023, marking an increase of 183.73%[21]. - Net profit for Q1 2024 was ¥34,504,581.55, up 138.00% from ¥14,479,604.14 in Q1 2023[21]. - Earnings per share (EPS) for Q1 2024 was ¥0.13, compared to ¥0.08 in Q1 2023, reflecting a 62.50% increase[22]. Cash Flow and Liquidity - The net cash flow from operating activities reached CNY 517,128,973.90, a significant increase of 1,037.49% year-on-year[5][9]. - In Q1 2024, the company reported cash inflows from operating activities totaling approximately $1.6 billion, a significant increase from $340.3 million in the same period last year, reflecting a growth of over 368%[25]. - The net cash flow for the period increased to approximately $687.4 million, compared to a decrease of $18 million in Q1 2023, demonstrating strong liquidity management[26]. - The ending cash and cash equivalents balance reached approximately $1.31 billion, up from $306.2 million at the end of Q1 2023, indicating robust cash reserves[26]. - The company reported cash received from the sale of goods and services at approximately $1.58 billion, compared to $330.8 million in the previous year, marking a growth of over 377%[25]. - Total cash outflows from operating activities were approximately $1.08 billion, compared to $294.9 million in Q1 2023, reflecting increased operational expenditures[25]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 4,721,757,521.65, up 29.94% from the end of the previous year[6]. - The total assets of the company reached approximately RMB 4.72 billion as of March 31, 2024, an increase from RMB 3.63 billion at the end of 2023, representing a growth of 29.93%[16]. - The total current liabilities rose to RMB 2.58 billion, up from RMB 1.43 billion, indicating an increase of 80.00%[17]. - The asset-liability ratio reached 64.33%, an increase of 10.44% compared to the previous period, primarily due to an increase in contract liabilities from customer prepayments[13]. - Total liabilities increased to ¥3,037,479,483.45 in Q1 2024 from ¥1,958,233,504.95 in Q1 2023, representing a growth of 55.00%[21]. - Total equity increased to ¥1,684,278,038.20 in Q1 2024 from ¥1,675,596,182.16 in Q1 2023, a growth of 0.16%[21]. Operational Efficiency - Cash inflows from financing activities amounted to approximately $320.5 million, a substantial increase from $50 million in the previous year, showcasing enhanced capital raising efforts[26]. - The company paid approximately $60.1 million in debt repayments during the quarter, compared to $30 million in Q1 2023, indicating a proactive approach to debt management[26]. - The company reported a decrease in deferred income tax liabilities to ¥37,440.87 from ¥50,211.24, a decline of 25.23%[21]. - Research and development expenses decreased to ¥14,289,736.62 from ¥16,851,541.45, a reduction of 15.19%[21]. - The company received government subsidies amounting to CNY 4,029,166.62, which positively impacted the financial results[7]. Shareholder Information - The company has a major shareholder, Shao Shuwei, holding 36.66% of the shares, with a pledged amount of 22.57 million shares[12]. - The company has not reported any changes in the participation of major shareholders in margin financing or securities lending activities[12]. Future Outlook - The company plans to continue expanding its computing power business, which has been a key driver of profit growth[9]. - The company is actively monitoring investment risks due to the rising asset-liability ratio and potential further increases as business progresses[13].