DHI(SZ:002487) Zheng Quan Zhi Xing·2025-04-22 23:25Core Viewpoint - The financial performance of Dajin Heavy Industry in Q1 2025 shows significant revenue and profit growth, alongside effective cost control, but raises concerns regarding accounts receivable and cash flow management [2][3][4][5][6][7]. Revenue and Profit Growth - The company achieved total operating revenue of 1.141 billion yuan, a year-on-year increase of 146.36% - The net profit attributable to shareholders reached 231 million yuan, up 335.90% year-on-year - The net profit excluding non-recurring items was 246 million yuan, reflecting a year-on-year increase of 448.47% [2]. Cost Control and Expense Optimization - Total expenses (selling, administrative, and financial) amounted to 19.29 million yuan, representing only 1.69% of revenue, a significant decrease of 89.17% compared to 15.62% in the same period last year [3]. Accounts Receivable and Cash Flow - As of the end of the reporting period, accounts receivable stood at 1.488 billion yuan, which is 314.11% of the latest annual net profit - Operating cash flow per share was -0.44 yuan, a decline of 190.05% year-on-year, indicating pressure on cash flow management [4]. Profitability and Capital Return - The gross margin was 30.95%, a decrease of 1.85 percentage points year-on-year - The net profit margin was 20.25%, reflecting a year-on-year increase of 76.94%, indicating improved operational efficiency despite a slight decline in gross margin [5]. Asset and Liability Situation - Interest-bearing liabilities increased from 183 million yuan in the same period last year to 1.507 billion yuan, a rise of 723.29%, suggesting financing needs for business expansion or capital expenditures [6]. Overall Summary - Overall, Dajin Heavy Industry's Q1 2025 performance is impressive with substantial revenue and profit growth and effective cost control, but high accounts receivable and negative cash flow warrant attention regarding financial management and operational efficiency [7].