HON-Flex(SZ:300657) Chang Jiang Shang Bao·2025-05-20 23:07Core Viewpoint - 弘信电子 is attempting to pivot towards AI computing services to overcome financial difficulties and enhance market presence, following a series of losses in recent years [1][2]. Group 1: Recent Contracts and Business Strategy - 弘信电子's subsidiary, Xiamen Suihong, signed a technical service contract with Company B for computing services worth 177 million yuan, and a hardware procurement contract with Company X for 385 million yuan, totaling 562 million yuan [1]. - The contracts represent 弘信电子's first computing orders of the year and are part of the company's strategy to solidify its AI business and improve market share and brand influence [1]. Group 2: Financial Performance and Challenges - From 2021 to 2023, 弘信电子 reported consecutive losses, with net profits of -268 million yuan, -308 million yuan, and -436 million yuan, totaling a cumulative loss of 1.012 billion yuan [2]. - In 2024, 弘信电子's computing and related business revenue reached 1.988 billion yuan, a 5303.3% increase, contributing 33.84% to total revenue of 5.875 billion yuan, which grew by 68.91% year-on-year [2]. - Despite the growth in 2024, the positive trend did not continue into 2025, as the first quarter saw a decline in both revenue and net profit [2]. Group 3: Financial Health and Sustainability - In Q1 2025, 弘信电子's net cash flow from operating activities was -295 million yuan, a 90.3% decrease, while financing cash flow increased by 1225.68% to 583 million yuan [3]. - The company's debt ratio reached 78.85% by the end of Q1 2025, up 9.29 percentage points year-on-year, indicating increased financial pressure since entering the computing business [3]. - The sustainability and profitability of 弘信电子's AI computing business remain uncertain, given the recent financial performance and rising debt levels [3].