海天股份：预计2025年度净利润同比减少31.57%至42.77%

Core Viewpoint - The company, Haitian Shares (603759.SH), expects a significant decrease in net profit for the fiscal year 2025, projecting a range of 189 million to 226 million yuan, which represents a year-on-year decline of 31.57% to 42.77% [1] Financial Projections - The anticipated net profit attributable to shareholders is projected to be between 166 million and 203 million yuan, reflecting a decrease of 33.40% to 45.54% year-on-year [1] - The expected net profit attributable to shareholders after deducting non-recurring gains and losses is estimated to be between 140 million and 177 million yuan, indicating a decline of 34.89% to 48.50% compared to the previous year [1] Reasons for Performance Decline - The primary reasons for the profit reduction include difficulties in project payment collections from local governments, leading to an increase in accounts receivable [1] - Certain wastewater treatment projects did not meet the conditions for price adjustments, resulting in a decrease in revenue from price adjustments [1] - The acquisition of new energy and new materials business has led to an increase in financial expenses year-on-year, along with corresponding intermediary fees related to project mergers and acquisitions [1] Strategic Developments - The company has completed the acquisition of the photovoltaic silver paste division of Heraeus and the Dazhou waste incineration power generation project, initiating a new dual-driven development model focusing on "environmental protection + new energy materials" [1]