西子洁能(002534.SZ)：预计2025年净利润同比下降0.18%-9.05%

Core Viewpoint - Xizi Clean Energy (002534.SZ) expects a decline in net profit attributable to shareholders for 2025, while the net profit excluding non-recurring gains is projected to increase significantly [1] Financial Performance - The estimated net profit for 2025 is between 40 million and 43.9 million yuan, representing a year-on-year decrease of 9.05% to 0.18% [1] - The net profit excluding non-recurring gains is projected to be between 22 million and 28 million yuan, indicating a year-on-year growth of 53.3% to 95.11% [1] Non-Recurring Gains - The primary non-recurring gain for 2025 is a one-time compensation from the government for the relocation of Hangzhou Hangguo Industrial Boiler Co., which is lower than the one-time gain from the transfer of shares in Zhejiang Kesheng Technology Co. in 2024, leading to a slight decline in net profit attributable to shareholders [1] Operational Improvements - The company is enhancing the quality control of sales orders, which is expected to result in an increase in the gross profit margin for its main business in 2025 compared to the previous year [1] - Improved management of accounts receivable and inventory has led to a decrease in total working capital requirements, significantly increasing net cash inflow from operating activities for 2025 [1] Credit Losses and Share Count - The company has reduced the expected credit losses and asset impairment losses compared to the previous year, contributing to a substantial increase in net profit excluding non-recurring gains [1] - The completion of the conversion of convertible bonds in 2025 has resulted in an increase in the weighted average number of shares, leading to a slight decrease in the calculated basic earnings per share compared to the previous year [1]