AVIC SAC(600760) 新浪财经·2025-05-07 04:32Core Viewpoint - The company reported a significant decline in revenue and net profit for Q1 2025, primarily due to external factors affecting contract signing and supply progress, while maintaining an improved gross margin [1] Financial Performance - Q1 2025 revenue was 5.834 billion, a year-on-year decrease of 38.55% [1] - Net profit attributable to shareholders was 431 million, down 39.87% year-on-year [1] - Deducted non-recurring net profit was 421 million, a decline of 41.33% year-on-year [1] - Gross margin for Q1 2025 was 12.65%, an increase of 0.55 percentage points year-on-year [1] - Net profit margin was 7.38%, a decrease of 0.14 percentage points year-on-year [1] Expense Analysis - The operating expense ratio for Q1 2025 was 2.99%, an increase of 0.51 percentage points year-on-year [1] - Sales expense ratio was 0.07%, up 0.06 percentage points year-on-year [1] - Management expense ratio was 3.12%, an increase of 1.29 percentage points year-on-year [1] - R&D expense ratio was 0.18%, down 0.95 percentage points year-on-year, with R&D expenses at 11 million, a significant decrease of 89.98% [1] - Financial expense ratio was -0.38%, compared to -0.49% in the same period last year, mainly due to reduced interest income [1] Balance Sheet and Cash Flow - Contract liabilities showed recovery, increasing by 53.09% to 5.4 billion compared to the beginning of the year, mainly due to increased advance payments [2] - Net cash flow from operating activities increased by 7.728 billion year-on-year, primarily due to higher cash received from sales of goods and services [2] Incentive Plan - The company announced a second phase of its stock incentive plan, granting 7.8305 million shares to 223 employees at a price of 32.08 per share [3] - The unlocking conditions include a compound annual growth rate of non-recurring net profit of no less than 15% from 2023 to 2025, and specific return on equity and EVA targets [3] - The estimated expense for the initial stock grant is 169.0605 million [3] Profit Forecast - The company forecasts net profit attributable to shareholders for 2025, 2026, and 2027 to be 3.741 billion, 4.273 billion, and 4.923 billion respectively, corresponding to PE ratios of 31, 28, and 24 [3]