亚翔集成(603929)：收入业绩有所下降 在手订单充裕

Core Insights - The company reported a decline in Q1 2025 revenue and net profit, with revenue at 835 million yuan, down 23.83% year-on-year, and net profit at 82 million yuan, down 29.82% year-on-year [1][2] Financial Performance - Q1 revenue decreased to 835 million yuan, primarily due to the completion phase of major projects, particularly the Singapore UMC project, which had recognized revenue exceeding 3.5 billion yuan by the end of last year, with a completion percentage of 81.34% [2] - Q1 net profit was 82 million yuan, with a larger decline than revenue, attributed to an increase in expense ratio to 2.34%, up 0.55 percentage points year-on-year, and asset impairment losses exceeding 15 million yuan compared to an asset impairment gain of 9 million yuan in the same period last year [2] - The comprehensive gross margin for Q1 was 13.35%, up 0.82 percentage points year-on-year, while the net profit margin decreased to 9.82%, down 0.84 percentage points year-on-year [2] Cash Flow and Orders - Q1 operating cash flow net inflow was 910 million yuan, an increase of 244 million yuan year-on-year, mainly due to prepayments received for the Singapore VSMC project, with a cash collection ratio of 232.70%, up 47.40 percentage points year-on-year [3] - The company secured a significant order worth approximately 3.163 billion yuan from VisionPower Semiconductor Manufacturing Company Pte.Ltd. for MEP engineering, indicating strong overseas business capabilities [4] - The total amount of orders on hand by the end of 2024 is expected to be 3.031 billion yuan, with the new order potentially increasing this figure significantly [4] Future Outlook - The company anticipates a positive outlook for both domestic and international projects, maintaining long-term partnerships with key clients in China and actively expanding its customer base [5] - Notable domestic projects include collaborations with Xiamen United Semiconductor, SMIC, and others, while internationally, Micron Technology's advanced packaging plant in Singapore is set to begin operations in 2026, with an investment of approximately 7 billion USD [5]