Pinming Software(SH:688109) Zheng Quan Zhi Xing·2025-05-19 11:12Core Viewpoint - The company, Pinming Technology (688109), is focused on providing digital construction application technologies and products, with a significant emphasis on the construction phase of projects. The company has seen growth in its revenue and net profit, indicating a positive trend in its financial performance [5]. Group 1: Business Performance - The company's main revenue for Q1 2025 was 64.95 million, representing a year-on-year increase of 10.47% [5]. - The net profit attributable to the parent company was 1.00 million, showing a substantial year-on-year increase of 110.32% [5]. - The company's gross profit margin stood at 76.74% [5]. Group 2: Business Segments - The profit margins for the construction information software business are significantly higher than those for the smart construction site business, with software margins around 90% and smart construction margins between 50% and 60% [2]. - The smart construction business has seen a shift towards infrastructure projects, with approximately 40% of this segment now focused on infrastructure and industrial projects [4]. Group 3: Accounts Receivable and Risk Management - The company has a low proportion of accounts receivable aged over two years, indicating effective management of receivables and a low risk of bad debts [3]. - The company has been actively working on improving the quality of orders and collecting historical receivables, leading to a noticeable improvement in cash flow [3]. Group 4: Market Coverage - The construction information software business is still regionally concentrated, particularly in Zhejiang Province, where it accounts for 65% to 70% of the business [5]. - The smart construction business has a more balanced national distribution, primarily in economically developed regions such as Southeast Coast, South China, and Central China [5].