STEC(600820) Xin Lang Cai Jing·2025-05-09 12:30Financial Performance - In Q1 2025, the company reported operating revenue of 10.549 billion yuan, a year-on-year decrease of 25.33% [1][2] - The net profit attributable to shareholders was 330 million yuan, down 25.38% year-on-year, while the net profit after deducting non-recurring items was 282 million yuan, a decrease of 33.74% year-on-year [1][2] Revenue and Profitability Analysis - The decline in revenue is attributed to pressure on downstream funding, leading to slower construction progress [2] - The gross profit margin improved to 14.95%, an increase of 2.41 percentage points year-on-year, while the expense ratio rose slightly to 11.39%, an increase of 1.04 percentage points [2] - The net profit margin decreased to 3.13%, down 0.01 percentage points year-on-year, primarily due to a decline in investment income from holdings in companies like Huada Jiutian [2] Order Growth and Market Segmentation - In Q1 2025, the company signed new contracts totaling 23.084 billion yuan, a year-on-year increase of 1.87% [3] - By region, new contracts in Shanghai (both within and outside the city) and overseas were 7.14 billion, 9.81 billion, and 2.27 billion yuan, showing a year-on-year change of -27.79%, +23.42%, and +549.02% respectively [3] - In terms of business types, municipal engineering contracts decreased by 20.67%, while road and rail transit contracts saw significant increases of 209.87% and 97.78% respectively [3] Cash Flow and Financial Health - The company experienced a net cash outflow from operating activities of 4.884 billion yuan, an increase of 975 million yuan year-on-year [4] - The cash collection ratio was 158.53%, up 29.35 percentage points year-on-year, while the cash payment ratio was 213%, an increase of 50.8 percentage points [4] - The debt-to-asset ratio decreased by 1.78 percentage points to 75.75%, and the accounts receivable turnover days increased by 61.73 days to 190.60 days [4] Shareholder Confidence and Future Outlook - The controlling shareholder, Shanghai Urban Construction, plans to invest up to 500 million yuan to increase its stake in the company, indicating confidence in the company's value [4] - The company has set a revenue growth target of 5-10% for 2025, with a projected dividend yield of approximately 5.6% based on a 35% payout ratio [4]