高测股份2025年一季报简析：净利润减135.03%，三费占比上升明显

Core Insights - The company reported a significant decline in revenue and net profit for Q1 2025, with total revenue of 686 million yuan, down 51.7% year-on-year, and a net loss of 74.14 million yuan, a decrease of 135.03% compared to the previous year [1][4] - The company's gross margin fell to 6.89%, a decrease of 77.98%, while the net margin turned negative at -10.81%, down 172.53% year-on-year [1][3] - The financial burden increased, with total expenses (selling, administrative, and financial) rising to 15.65% of revenue, an increase of 46.62% year-on-year [1][3] Financial Performance - For Q1 2025, the company reported total revenue of 686 million yuan, a 51.7% decline from 1.42 billion yuan in Q1 2024 [1] - The net profit attributable to shareholders was -74.14 million yuan, compared to a profit of 212 million yuan in the same quarter last year, marking a 135.03% decrease [1] - The gross margin for Q1 2025 was 6.89%, down from 31.28% in Q1 2024, while the net margin was -10.81%, compared to 14.91% previously [1] Business Model and Market Conditions - The company relies heavily on research and development for its business model, which has been under pressure due to a significant downturn in the photovoltaic industry [3] - In 2024, the company faced a challenging environment with a 27.65% decline in revenue to 4.474 billion yuan and a net profit drop of 103.03% [3] - Despite the challenges, the company has shown resilience in its various business segments, particularly in the photovoltaic equipment market and the diamond wire business, which has seen improved profitability [4]