HYATECH(SH:688510) Xin Lang Cai Jing·2025-04-29 06:39Group 1 - In Q1 2025, the company achieved revenue of 174 million yuan, a year-on-year increase of 8.37%, while the net profit attributable to shareholders was 30.67 million yuan, a decrease of 3.07% year-on-year. The net profit after deducting non-recurring items was 25.68 million yuan, down 17.77% year-on-year [1] - The company's gross profit margin was 41.23%, a decrease of 1.31 percentage points year-on-year. Management expenses increased significantly by 65.08% year-on-year to 16.16 million yuan, while sales expenses rose by 14.15% to 4.14 million yuan [1] - The net profit margin fell to 17.73%, down 1.38 percentage points year-on-year, indicating pressure on profitability due to rising management costs [1] Group 2 - The company successfully expanded its production capacity for key components of aircraft engines, with fixed assets reaching 863 million yuan, primarily due to the gradual commissioning of fundraising projects [2] - The company expects to achieve related sales of 450 million yuan to China Aviation Engine Group and its affiliated research institutes, accounting for 34.64% of its main business revenue, driven by the growth in domestic aviation demand [2] - A stock incentive plan was announced, proposing to grant 5.5 million restricted stocks to 15 incentive targets, which is expected to enhance employee motivation and promote stable and rapid improvement in operational performance [2][3] Group 3 - The estimated expense for the initial grant of restricted stocks is 39.23 million yuan, which is expected to motivate key personnel and improve company performance [3] - Profit forecasts for the company indicate net profits of 182 million yuan, 222 million yuan, and 264 million yuan for 2025, 2026, and 2027, respectively, with corresponding valuations of 26, 21, and 18 times [3]