铭科精技2025年一季度业绩稳健增长但需关注应收账款及现金流

Revenue and Profit - The company achieved total revenue of 238 million yuan in Q1 2025, representing a year-on-year increase of 15.03% [1] - The net profit attributable to shareholders was 24.65 million yuan, up 20.78% year-on-year [1] - The net profit excluding non-recurring items was 23.64 million yuan, reflecting a year-on-year increase of 29.88% [1] Profit Margin and Cost Control - The gross margin stood at 27.09%, a decrease of 6.5% year-on-year [2] - The net margin increased to 10.27%, up 2.23% year-on-year [2] - Total selling, administrative, and financial expenses amounted to 20.66 million yuan, accounting for 8.69% of revenue, a decrease of 20.48% year-on-year, indicating effective cost control [2] Assets and Cash Flow - The company's cash and cash equivalents decreased from 339 million yuan to 206 million yuan, a year-on-year decline of 39.12% [3] - Operating cash flow per share was 0.03 yuan, down 38.60% year-on-year [3] Accounts Receivable and Liabilities - Accounts receivable reached 310 million yuan, which is 276.06% of the latest annual net profit, an increase of 14.32% year-on-year [4] - Interest-bearing liabilities were 3.54 million yuan, significantly reduced by 68.37% year-on-year [4] Business Model and Capital Return - Since its listing, the company has raised a total of 526 million yuan and distributed dividends totaling 139 million yuan, resulting in a dividend-to-financing ratio of 0.26 [5] - The return on invested capital (ROIC) was 8.67%, indicating a capital return rate at a general level [5]