sundy(SZ:300515) Zheng Quan Zhi Xing·2025-04-21 22:34Core Viewpoint - SanDe Technology achieved significant performance growth in Q1 2025, with notable improvements in profitability and cost control, although cash flow pressures and high accounts receivable levels warrant attention [2][6]. Financial Overview - The company reported total revenue of 108 million yuan, an increase of 18.35% year-on-year [2]. - The net profit attributable to shareholders reached 28.07 million yuan, up 45.38% year-on-year [2]. - The net profit excluding non-recurring items was 27.35 million yuan, reflecting a 51.23% year-on-year increase [2]. Profitability Analysis - The gross margin stood at 59.36%, a decrease of 11.27% year-on-year, yet remains at a high level [3]. - The net profit margin was 26.39%, showing a year-on-year growth of 26.68%, indicating effective cost control and efficiency improvements [3]. - Earnings per share were 0.14 yuan, representing a 43.73% year-on-year increase, further highlighting the enhancement in profitability [3]. Cost and Expense Control - Total operating expenses (selling, administrative, and financial expenses) amounted to 26.11 million yuan, with a ratio to revenue of 24.16%, down 15.35% year-on-year [4]. - This indicates positive progress in internal management optimization and operational cost reduction [4]. Cash Flow and Asset Status - Despite strong profitability, the company faced cash flow challenges, with operating cash flow per share at -0.08 yuan, a decline of 430.00% year-on-year [5]. - The accounts receivable stood at 184 million yuan, which is 128.53% of the latest annual net profit, necessitating close monitoring of receivables collection to mitigate potential bad debt risks [5].