Libert(SH:605167) Xin Lang Cai Jing·2025-05-01 10:35Core Viewpoint - The company shows a slight growth in non-net profit for Q1, with a positive outlook for long-term development, driven by a decrease in expense ratio and an increase in gross margin for 2024 [1][2]. Financial Performance - In Q1, the company achieved revenue of 668 million, a year-on-year increase of 1.45%, with a net profit attributable to shareholders of 36 million, down 8.07%. The non-net profit was 33 million, up 5.71% [1]. - For 2024, the company expects revenue of 3.493 billion, a year-on-year increase of 7.72%, with a net profit of 240 million, up 26.45%, and a non-net profit of 229 million, up 25.2% [1]. - In Q4 2024, the company achieved revenue of 902 million, a year-on-year increase of 4.9%, with a net profit of 40 million, up 20.47% [1]. Segment Performance - The industrial module design and manufacturing business saw rapid revenue growth, with 2024 revenues of 724 million and 2.76 billion for engineering services, up 46.36% and 0.73% respectively. Gross margins were 26.58% and 13.18%, up 0.54 percentage points and 0.9 percentage points [2]. - Domestic and foreign sales for 2024 were 3.083 billion and 401 million, up 3.67% and 53.6% respectively, with gross margins of 14.1% and 30.27%, up 0.94 percentage points and 1.87 percentage points [2]. Cost and Cash Flow - The company's expense ratio for 2024 was 7.18%, up 0.89 percentage points, with net profit margin at 6.89%, up 1.02 percentage points [4]. - Cash flow from operations (CFO) for 2024 was 415 million, an increase of 64 million year-on-year, with a cash collection ratio of 95.44% [4]. - In Q1 2025, the net cash flow from operations was -99 million, a decrease of 1.05 million year-on-year [4]. Investment and Projects - The company issued convertible bonds to fund a large industrial module manufacturing project with a total investment of 1.29 billion, planning to use 750 million from the raised funds [5]. - The project aims to enhance the company's manufacturing capacity for large modules, thereby shortening manufacturing cycles and improving production efficiency [5]. - The company won a project worth 226 million for module construction and installation, showcasing its competitive advantage in the module manufacturing and engineering services sector [5].