YGSOFT(SZ:002063) Zheng Quan Zhi Xing·2025-04-25 22:50Financial Performance - The company reported total revenue of 417 million yuan for Q1 2025, a decrease of 9.47% year-on-year [1] - The net profit attributable to shareholders was 9.39 million yuan, an increase of 2.66% year-on-year [1] - The gross margin was 54.39%, down 10.78% year-on-year, while the net margin was 1.68%, down 17.92% year-on-year [1] - Total receivables reached 1.606 billion yuan, representing a 22.81% increase year-on-year, with receivables accounting for 548.45% of net profit [1][3] - The company’s operating cash flow per share was -0.13 yuan, unchanged year-on-year [1] Business Model and Strategy - The company relies heavily on research and development as a key driver of its business performance [3] - The company aims to capitalize on three major opportunities in 2025: the ongoing release of digital economy policy dividends, the significant windfall from domestic substitution, and the vast market space for digital platforms in the new energy system [5] - The focus on digital transformation is seen as a crucial driver for enhancing core functions and competitiveness among state-owned enterprises [5] Market Position and Outlook - The company has a historical return on invested capital (ROIC) of 8.18%, indicating a generally average capital return rate [3] - Analysts expect the company's performance in 2025 to reach 323 million yuan, with an average earnings per share of 0.17 yuan [3] - The largest fund holding the company’s shares is Huatai-PB CSI 1000 Index Enhanced A, which has reduced its holdings recently [4]