中铁装配2025年一季度业绩下滑，需关注现金流与债务风险

Financial Overview - The company reported total revenue of 261 million yuan in Q1 2025, a decrease of 17.89% compared to the same period last year [2] - The net profit attributable to shareholders was -31.48 million yuan, an increase of 5.07% year-on-year, while the net profit excluding non-recurring items was -32.90 million yuan, up 6.49% year-on-year [2] Profitability - The company's profitability showed poor performance this quarter, with a gross margin of 1.33%, down 62.04% year-on-year, and a net margin of -12.05%, down 15.61% year-on-year [3] Solvency - At the end of the quarter, the current ratio was only 0.78, indicating increased short-term debt pressure [4] - Total interest-bearing debt reached 1.386 billion yuan, a year-on-year increase of 16.65%, with an interest-bearing asset-liability ratio of 34.05% [4] - Although cash and cash equivalents increased by 88.73% year-on-year to 474 million yuan, the ratio of cash to current liabilities was only 29.53%, highlighting concerns over cash flow [4] Expense Control - Total selling, administrative, and financial expenses amounted to 40.62 million yuan, accounting for 15.54% of revenue, an increase of 13.72% year-on-year [5] - Financial expenses accounted for 53.58% of the average operating cash flow over the past three years, further increasing the financial burden on the company [5] Accounts Receivable - The total accounts receivable was 1.405 billion yuan, a year-on-year increase of 38.95%, which may negatively impact the company's cash flow given the negative net profit [6] Summary - The company's performance in Q1 2025 was poor, with weakened profitability and concerns regarding solvency and cash flow [7] - There is a need for the company to strengthen cost control, optimize debt structure, and improve accounts receivable collection efficiency to enhance overall financial health [7]