DONGFANG PRECISION(SZ:002611) Guan Cha Zhe Wang·2025-04-27 04:02Core Viewpoint - Despite the escalating tariff war, Dongfang Precision (002611), a leading supplier of corrugated paper packaging equipment with nearly 90% of its revenue from overseas, has maintained growth in its operating performance [1][6]. Financial Performance - In Q1 2025, the company's operating revenue reached 988.74 million yuan, a year-on-year increase of 5.73% [2]. - The net profit attributable to shareholders was 275.69 million yuan, showing a significant year-on-year growth of 517.55% [2]. - The net profit after deducting non-recurring gains and losses was 129.89 million yuan, up 97.60% year-on-year [2]. - Basic earnings per share were 0.23 yuan, compared to 0.04 yuan in the same period last year [2]. Profitability Metrics - The gross profit margin for Q1 2025 was 29.81%, an increase of 1.11 percentage points year-on-year and 4.47 percentage points quarter-on-quarter [3]. - The net profit margin was 28.44%, up 22.70 percentage points year-on-year and 15.99 percentage points quarter-on-quarter [3]. - Operating cash flow for the period was 148.52 million yuan, a significant increase from 5.51 million yuan in the previous year [2]. Cost Management - Total operating expenses were 144 million yuan, a decrease of 20.53 million yuan year-on-year, with an expense ratio of 14.55%, down 3.03 percentage points [3]. - Sales expenses decreased by 37.58%, while management expenses increased by 15.30% and R&D expenses grew by 3.38% [3]. Strategic Focus - Dongfang Precision was established in December 1996 and listed on the Shenzhen Stock Exchange in August 2011, focusing on the R&D, design, production, sales, and service of corrugated carton printing equipment [5]. - The company aims to expand its international presence, with overseas revenue reaching 4.226 billion yuan in 2024, accounting for 88.45% of total revenue [5]. - The intelligent corrugated paper packaging equipment business generated 3.21 billion yuan in revenue, holding a global market share of approximately 15% [5]. Market Position - In the North American market, the company's overall market share exceeded 50%, with net profit increasing by 76.4% year-on-year [6]. - The company's overseas business operates independently through its wholly-owned subsidiary Fosber, which has established a complete R&D, production, and sales system in Italy, the USA, and Spain [6].