申科股份2025年一季度盈利能力提升但现金流和应收账款需关注

Overall Overview - The company achieved total operating revenue of 70.903 million yuan in Q1 2025, a year-on-year increase of 2.14% [1] - The net profit attributable to shareholders was 860,300 yuan, up 15.41% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 135,000 yuan, down 32.19% year-on-year, indicating a decline in profitability when excluding non-recurring items [1] Profitability Analysis - The company's gross margin was 24.36%, an increase of 2.27 percentage points year-on-year [2] - The net profit margin was 1.21%, up 12.99 percentage points year-on-year [2] - Despite the overall improvement in profitability, the decline in net profit after deducting non-recurring items suggests significant impact from non-recurring gains and losses [2] Expense Control and Cash Flow - The company demonstrated excellent expense control, with total selling, administrative, and financial expenses amounting to 11.8777 million yuan, accounting for 16.75% of revenue, a decrease of 10.94 percentage points year-on-year [3] - However, the operating cash flow per share was -0.22 yuan, a significant decrease of 1368.84% year-on-year, indicating substantial cash outflow pressure from operating activities [3] Asset and Liability Situation - As of the end of Q1 2025, the company's cash and cash equivalents were 23.1336 million yuan, a decrease of 58.75% year-on-year [4] - Accounts receivable amounted to 174 million yuan, an increase of 26.75% year-on-year [4] - Interest-bearing liabilities were 35 million yuan, a significant decrease of 65.97% year-on-year, highlighting the need for improved cash flow management and accounts receivable collection [4] Shareholder Equity and Dividends - The net asset per share was 2.8 yuan, an increase of 1.73% year-on-year [5] - Earnings per share were 0.01 yuan, up 14.00% year-on-year [5] - Since its listing, the company has raised a total of 350 million yuan and distributed a total of 20 million yuan in dividends, resulting in a low dividend payout ratio of 0.06, indicating frequent financing activities in the capital market but a low dividend proportion [5] Conclusion - In summary, the company showed improved profitability in Q1 2025, particularly in gross and net profit margins [6] - However, the cash flow pressure and rapid growth in accounts receivable are significant issues that require further attention to cash flow management and accounts receivable collection efforts [6]