凯盛新材2025年一季报简析：营收净利润同比双双增长，应收账款上升

Financial Performance - The company reported a total revenue of 269 million yuan for Q1 2025, representing a year-on-year increase of 12.28% [1] - The net profit attributable to shareholders reached 30.67 million yuan, up 19.35% year-on-year [1] - The gross margin improved to 29.7%, an increase of 11.31% compared to the previous year [1] - The net profit margin also increased to 11.38%, reflecting a 6.65% year-on-year growth [1] - The company's operating cash flow per share decreased significantly by 79.18% to 0.01 yuan [1] Accounts Receivable and Debt - Accounts receivable rose to 155 million yuan, with a year-on-year growth of 47.59% [1] - Interest-bearing liabilities increased to 521 million yuan, marking a 6.32% rise [1] - The company's debt ratio for interest-bearing assets reached 21.61% [3] Research and Development - The company increased its R&D investment to approximately 53.8 million yuan in 2024, up from 51.5 million yuan in 2023 [5] - Several R&D projects have made progress, including studies on high-selectivity reactions and production processes [5] Market Expectations - Analysts expect the company's performance in 2025 to reach 80 million yuan, with an average earnings per share of 0.19 yuan [3]