华宏科技2025年一季度盈利显著改善但现金流和债务状况需关注

Financial Performance - The company achieved significant profit growth in Q1 2025, with total revenue reaching 1.436 billion yuan, an increase of 18.76% year-on-year [1] - The net profit attributable to shareholders was 31.13 million yuan, a substantial increase of 212.29% year-on-year; the net profit excluding non-recurring items was 26.54 million yuan, up 135.75% year-on-year [1] - The gross margin was 9.18%, reflecting a year-on-year increase of 2146.15%; the net margin was 2.31%, showing a year-on-year increase of 263.08% [1] Cost Control - The total of selling, administrative, and financial expenses amounted to 73.43 million yuan, with these expenses accounting for 5.11% of revenue, a decrease of 10.12% year-on-year [2] Cash Flow and Debt Situation - The operating cash flow per share was -0.27 yuan, a decline of 189.74% year-on-year; cash and cash equivalents were 600 million yuan, down 29.03% from the same period last year [3] - Accounts receivable reached 682 million yuan, an increase of 38.70% year-on-year, indicating potential pressure in accounts receivable management [3] - Interest-bearing debt was 1.416 billion yuan, up 32.05% year-on-year, with an interest-bearing asset-liability ratio of 23.26%; financial expenses accounted for 54.63% of the average operating cash flow over the past three years, indicating significant pressure in debt repayment [3] Overall Summary - Overall, the company showed significant improvement in profitability in Q1 2025, but still faces challenges in cash flow management and debt control [4]