利和兴：预计2025年亏损1.2亿元-1.7亿元

Group 1 - The company Lihexing (301013) expects a net loss attributable to shareholders of 120 million to 170 million yuan for the year 2025, compared to a profit of 7.08 million yuan in the same period last year [4] - The company's non-recurring net profit is projected to be a loss of 117 million to 167 million yuan, down from a profit of 3.81 million yuan in the previous year [4] - The company's price-to-book ratio (LF) is approximately 8.34 times, and the price-to-sales ratio (TTM) is about 11.73 times based on the latest closing price [4] Group 2 - The company's performance decline is attributed to a drop in operating revenue and gross margin, particularly in the smart equipment business due to fluctuating customer demand and intensified market competition [14] - Although the electronic components business saw a slight increase in sales revenue compared to the previous year, the growth rate was relatively slow, and the gross margin was negative due to low industry sales prices and underutilization of production capacity [14] - The company plans to recognize credit impairment losses and asset impairment losses totaling approximately 47 million yuan, in accordance with accounting standards and financial management regulations [14]