YOTRIO(SZ:002489) Zheng Quan Zhi Xing·2025-05-01 03:25Revenue and Profit - Zhejiang Yongqiang achieved total operating revenue of 2.545 billion yuan in Q1 2025, representing a year-on-year increase of 11.9% [1] - The net profit attributable to shareholders reached 372 million yuan, a significant year-on-year growth of 44.53%, while the non-recurring net profit was 251 million yuan, showing a modest year-on-year increase of 0.32% [1] Profitability and Expense Control - The company's gross margin was 21.73%, a year-on-year decrease of 9.93%, while the net profit margin increased by 32.8% to 14.72% [2] - Total operating expenses (selling, administrative, and financial expenses) amounted to 138 million yuan, accounting for 5.44% of revenue, which is a decrease of 33.42% compared to the same period last year, indicating effective cost control [2] Assets and Liabilities - As of the end of Q1 2025, the company had cash and cash equivalents of 1.743 billion yuan, a decrease of 33.93% year-on-year [3] - Accounts receivable stood at 2.578 billion yuan, reflecting a year-on-year increase of 20.79%, with accounts receivable accounting for 558.04% of the latest annual net profit, which warrants attention [3] - Interest-bearing liabilities were 1.224 billion yuan, showing a significant year-on-year decline of 39.79% [3] Per Share Metrics - The company reported a net asset value per share of 2.06 yuan, an increase of 15.74% year-on-year [4] - Earnings per share were 0.17 yuan, reflecting a year-on-year growth of 41.67% [4] - Operating cash flow per share was 0.37 yuan, up 52.33% year-on-year [4] Business Model and Cash Flow - The company's performance is primarily driven by marketing, necessitating further investigation into the underlying factors [5] - Despite healthy cash assets, the cash flow situation is concerning, particularly with cash and cash equivalents to current liabilities ratio at 83.61%, and the average operating cash flow to current liabilities ratio over the past three years at only 14.91% [5] Overall Summary - Overall, Zhejiang Yongqiang demonstrated a robust growth trend in Q1 2025, particularly in profit and per-share metrics [6] - However, the high proportion of accounts receivable and cash flow situation require close monitoring to ensure the company's long-term health [6]