SNBC(SZ:002376) Zheng Quan Zhi Xing·2025-04-25 22:50Financial Performance - The company reported a total revenue of 496 million yuan for Q1 2025, representing a year-on-year increase of 21.05% [1] - The net profit attributable to shareholders reached 4.92 million yuan, a significant increase of 127.15% compared to the previous year [1] - The gross profit margin was 26.75%, down 7.91% year-on-year, while the net profit margin improved to 2.41%, up 214.92% [1] - Total operating expenses (sales, management, and financial expenses) amounted to 68.94 million yuan, accounting for 13.9% of revenue, a decrease of 18.03% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents increased by 30.89% to 690 million yuan [1] - Accounts receivable rose by 29.56% to 677 million yuan, with accounts receivable to net profit ratio reaching 1395.48% [1][3] - Interest-bearing debt decreased significantly by 54.40% to 585 million yuan [1] Investment Insights - The company has a Return on Invested Capital (ROIC) of 3.06%, indicating historically low capital returns [3] - Cumulative financing since the company's IPO totals 1.633 billion yuan, with cumulative dividends amounting to 1.424 billion yuan, resulting in a dividend-to-financing ratio of 0.87 [3] - The company’s business model relies heavily on R&D and marketing efforts, necessitating further analysis of these drivers [3] Fund Holdings - The largest fund holding the company’s shares is the招商国证2000指数增强A, with a current scale of 48 million yuan and a recent net value increase of 0.3% [4] - Other funds that have recently entered the top holdings include 民生加银国证2000指数增强A and 万家科技量化选股混合发起式A [4] Business Operations - The company faced a temporary decline in domestic printing and scanning business due to project delays, while overseas revenue remained stable [5] - The company is focusing on expanding its specialized printing and scanning solutions, with positive developments in the "micro-printing chip" product market [5]