唯赛勃2025年一季报简析：营收净利润同比双双增长，公司应收账款体量较大

Core Insights - The company reported a total revenue of 87.76 million yuan for Q1 2025, representing a year-on-year increase of 15.38% [1] - The net profit attributable to shareholders reached 5.13 million yuan, showing a significant year-on-year growth of 38.44% [1] - The company's gross margin decreased to 30.0%, down 13.51% year-on-year, while the net margin improved to 5.32%, up 39.39% year-on-year [1] Financial Performance - Total revenue for Q1 2024 was 76.06 million yuan, compared to 87.76 million yuan in Q1 2025, marking a 15.38% increase [1] - Net profit attributable to shareholders rose from 3.70 million yuan in Q1 2024 to 5.13 million yuan in Q1 2025, a growth of 38.44% [1] - The company's operating cash flow per share increased significantly by 502.99%, from -0.02 yuan to 0.06 yuan [1] Cost and Efficiency - The total of selling, administrative, and financial expenses was 13.88 million yuan, accounting for 15.82% of revenue, which is an 18.56% decrease year-on-year [1] - The company's receivables reached 77.08 million yuan, which is 199.76% of the net profit, indicating a high level of accounts receivable relative to profit [1][3] - The company's cash flow situation is concerning, with cash and cash equivalents at 38.22 million yuan, down 39.24% year-on-year [1][3] Business Model and Returns - The company's return on invested capital (ROIC) was 4.68%, indicating a relatively weak capital return [3] - The net profit margin for the previous year was 9.84%, suggesting average added value for products or services [3] - The company has relied heavily on research and development and equity financing to drive performance [3]