Wujin Stainless(SH:603878) Zheng Quan Zhi Xing·2025-04-28 22:35Core Viewpoint - 武进不锈's performance in Q1 2025 shows significant declines in revenue and net profit, indicating a challenging operational environment [2][7]. Operating Performance - The total revenue for Q1 2025 was 483 million yuan, a decrease of 33.9% compared to the same period last year [2]. - The net profit attributable to shareholders was 30.32 million yuan, down 55.43% year-on-year, while the net profit after deducting non-recurring items was 28.38 million yuan, a decline of 56.3% [2]. Profitability - The gross margin for Q1 2025 was 16.28%, a reduction of 11.25 percentage points year-on-year [3]. - The net margin stood at 6.28%, reflecting a decrease of 32.57 percentage points compared to the previous year [3]. Cost Control - Total operating expenses (selling, administrative, and financial expenses) amounted to 24.07 million yuan, accounting for 4.99% of revenue, which is a 20.17% increase year-on-year [4]. - The increase in expenses was lower than the decline in revenue, indicating some efforts in cost control [4]. Asset Status - As of the end of Q1 2025, cash and cash equivalents were 278 million yuan, a significant decrease of 59.25% year-on-year [5]. - Accounts receivable totaled 376 million yuan, down 53.20% from the previous year, but the accounts receivable represented 299.24% of the latest annual net profit, which may negatively impact future cash flow [5]. Solvency - The company's interest-bearing debt decreased from 457 million yuan to 366 million yuan, a reduction of 20.01% [6]. - The ratio of cash to current liabilities was only 72.7%, suggesting a need for investors to monitor the company's short-term solvency [6]. Dividend Situation - Since its listing, 武进不锈 has raised a total of 751 million yuan and distributed a total of 1.09 billion yuan in dividends, resulting in a dividend-to-financing ratio of 1.45 and an estimated dividend yield of 4.68% [7].