宏发股份(600885)：多下游景气共振 经营持续较快增长

Core Viewpoint - The company reported a strong performance in Q1 2025, with significant year-on-year and quarter-on-quarter growth in revenue and net profit, indicating robust operational efficiency and market demand [1][2]. Financial Performance - The company's Q1 2025 revenue reached 3.98 billion, representing a year-on-year increase of 15.3% and a quarter-on-quarter increase of 23.2% [1]. - The net profit attributable to the parent company was 410 million, up 15.5% year-on-year and 13.7% quarter-on-quarter [1]. - The non-recurring net profit was 380 million, reflecting a year-on-year growth of 14.2% and a quarter-on-quarter growth of 20.8% [1]. Revenue Growth Drivers - All downstream sectors are expected to achieve year-on-year growth, with the new energy sector anticipated to grow rapidly [2]. - The company is experiencing fast development in modular products, with high-pressure control boxes, automotive modules, and industrial control modules expected to show relatively high growth rates in Q1 2025 [2]. Profitability and Cost Management - The gross profit margin for Q1 2025 was 33.77%, a decrease of 1.04 percentage points year-on-year, primarily due to raw material costs and product mix [3]. - The total expense ratio for Q1 2025 was 17.64%, down 1.56 percentage points year-on-year, with specific reductions in sales, management, R&D, and financial expense ratios [3]. Inventory and Receivables - As of the end of Q1 2025, inventory stood at 2.93 billion, an increase of 25.6% year-on-year but a decrease of 16.0% from the previous quarter [4]. - Contract liabilities were 5.3 million, down 8.1% year-on-year and up 12.1% quarter-on-quarter [4]. - Accounts receivable reached 6.197 billion, reflecting an increase of 11.4% year-on-year and 25.9% quarter-on-quarter [4]. Financial Health - The asset-liability ratio at the end of Q1 2025 was 38.49%, an increase of 2.26 percentage points year-on-year and a decrease of 0.81 percentage points from the previous quarter [4]. - The operating net cash flow for Q1 2025 was -502 million, a decline of 107.2% year-on-year [4]. Future Outlook - The company expects a net profit of 1.9 billion for 2025, corresponding to a price-to-earnings ratio of approximately 18 times [5].