和顺电气2025年一季度业绩大幅下滑，需关注费用控制与应收账款

Core Viewpoint - The financial performance of Heshun Electric in Q1 2025 shows significant deterioration, with substantial declines in revenue and net profit, indicating serious operational challenges [1][6]. Revenue and Profitability - The total operating revenue for the company was 51.19 million yuan, a decrease of 26.67% compared to the same period last year [1]. - The net profit attributable to the parent company was -13.22 million yuan, a year-on-year decline of 1642.55% [1]. - The non-recurring net profit was -13.68 million yuan, down 4297.4% year-on-year [1]. Profit Margins - The gross profit margin was 21.17%, a decrease of 16.82 percentage points year-on-year [2]. - The net profit margin was -26.21%, a decrease of 2278.5 percentage points year-on-year [2]. Expense Management - The proportion of the three major expenses (selling, administrative, and financial expenses) to revenue increased from 17.98% in the same period last year to 35.04%, an increase of 94.88% [3]. - This indicates significant challenges in expense control, necessitating further optimization of the cost structure [3]. Accounts Receivable - As of the end of the reporting period, accounts receivable amounted to 315 million yuan, an increase of 16.64% compared to the same period last year [4]. - While the company's cash assets are healthy, the growth in accounts receivable may impact cash flow, warranting close monitoring [4]. Per Share Metrics - The net asset per share was 2.53 yuan, a decrease of 4.17% year-on-year [5]. - The operating cash flow per share was -0.24 yuan, a decrease of 321.32% year-on-year [5]. - The earnings per share were -0.05 yuan, a decrease of 1632.35% year-on-year [5]. Overall Summary - Overall, Heshun Electric's financial performance in Q1 2025 is weak, with significant declines in revenue and net profit, challenges in expense management, and rapid growth in accounts receivable [6]. - The company needs to implement effective measures to improve operational conditions, enhance expense management, and recover accounts receivable [6].