利尔化学2025年一季报简析：营收净利润同比双双增长，应收账款上升

Core Viewpoint - Li Er Chemical (002258) reported strong financial performance for Q1 2025, with significant increases in revenue and net profit compared to the same period last year [1] Financial Performance - Total revenue for Q1 2025 reached 2.086 billion yuan, a year-on-year increase of 49.99% [1] - Net profit attributable to shareholders was 153 million yuan, up 219.9% year-on-year [1] - Gross margin improved to 20.24%, an increase of 2.19% compared to the previous year [1] - Net margin rose to 8.92%, reflecting a substantial increase of 78.05% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 140 million yuan, accounting for 6.73% of revenue, a decrease of 31.71% [1] Key Financial Metrics - Earnings per share (EPS) for Q1 2025 was 0.19 yuan, a significant increase of 219.73% from the previous year [1] - Operating cash flow per share was -0.18 yuan, improving by 41.32% year-on-year [1] - Accounts receivable increased by 77.16% year-on-year, reaching 2.146 billion yuan [1] - Interest-bearing liabilities rose by 22.41% to 3.696 billion yuan [1] Business Model and Capital Structure - The company's return on invested capital (ROIC) was 3.1%, indicating a relatively weak capital return [3] - The net profit margin last year was 4.08%, suggesting low added value in products or services [3] - The company has cumulatively raised 1.136 billion yuan since its listing and distributed 1.176 billion yuan in dividends, resulting in a dividend-to-financing ratio of 1.04 [3] Future Outlook - Analysts expect the company's performance in 2025 to reach 416 million yuan, with an average EPS forecast of 0.52 yuan [3]