Delian Group(002666) 证券之星·2025-05-01 03:33Revenue and Profit - The company achieved total operating revenue of 1.087 billion yuan in Q1 2025, representing a year-on-year increase of 11.03% [1] - The net profit attributable to the parent company reached 27.97 million yuan, up 26.75% year-on-year, while the non-recurring net profit decreased by 18.02% to 25.14 million yuan [1] Profitability - The company's gross margin improved to 14.92%, an increase of 0.88% year-on-year, and the net margin rose to 2.51%, reflecting a year-on-year increase of 13.27% [2] Cost Control - Total selling, administrative, and financial expenses amounted to 101 million yuan, accounting for 9.26% of revenue, which is a decrease of 5.44% year-on-year, indicating effective cost control [3] Cash Flow and Asset Status - Operating cash flow per share was 0.08 yuan, a significant decrease of 65.28% year-on-year, raising concerns about cash flow management [4] - Cash and cash equivalents increased to 880 million yuan, up 54.66% year-on-year, while accounts receivable rose to 785 million yuan, a year-on-year increase of 3.32%, with accounts receivable to profit ratio at 1142%, indicating potential bad debt risk [4] Capital Structure - Interest-bearing debt increased to 1.001 billion yuan, up 7.41% year-on-year, with a cash to current liabilities ratio of only 64.17%, suggesting short-term debt repayment pressure [5] Business Model and Capital Return - The company's performance relies heavily on R&D and marketing, with a return on invested capital (ROIC) of 2.06%, indicating weak capital returns, and a net margin of 1.33%, suggesting low added value of products or services [6] Dividends and Financing - Since its listing, the company has raised a total of 1.717 billion yuan and distributed dividends totaling 655 million yuan, resulting in a dividend financing ratio of 0.38 [7]