康强电子2025年一季报简析：营收净利润同比双双增长，盈利能力上升

Financial Performance - Company reported total revenue of 439 million yuan for Q1 2025, a year-on-year increase of 2.09% [1] - Net profit attributable to shareholders reached 25.92 million yuan, up 37.87% year-on-year [1] - Gross margin improved to 14.07%, reflecting a year-on-year increase of 16.82% [1] - Net margin increased to 5.9%, showing a year-on-year growth of 35.04% [1] - Total expenses (selling, administrative, and financial) amounted to 28.53 million yuan, accounting for 6.49% of revenue, a rise of 28.12% year-on-year [1] Key Financial Ratios - Earnings per share (EPS) rose to 0.07 yuan, a 40% increase compared to the previous year [1] - Operating cash flow per share significantly improved to 0.15 yuan, a remarkable increase of 573.37% year-on-year [1] - Return on Invested Capital (ROIC) for the previous year was 4.87%, indicating a weak capital return [3] - Net profit margin for the previous year was 4.23%, suggesting low added value for products or services [3] Balance Sheet Insights - Cash and cash equivalents decreased to 143 million yuan, down 16.60% year-on-year [1] - Accounts receivable increased to 486 million yuan, reflecting an 11.37% rise [1] - Interest-bearing debt decreased to 603 million yuan, a reduction of 15.99% [1] - The company's debt ratio reached 26.08%, indicating a significant level of interest-bearing liabilities [3] Dividend and Financing - Since its listing, the company has raised a total of 370 million yuan and distributed 141 million yuan in dividends, resulting in a dividend-to-financing ratio of 0.38 [3] Operational Considerations - The company relies heavily on research and development for its performance, necessitating a thorough examination of the underlying drivers of this approach [3] - Cash flow situation is a concern, with cash to current liabilities ratio at 21.86% and average operating cash flow to current liabilities at 17.08% over the past three years [3] - Accounts receivable to profit ratio stands at 584.64%, indicating potential issues with receivables management [3]