ST通脉：预计2025年亏损1.3亿元-1.8亿元

Core Viewpoint - Company ST Tongmai (603559) expects a net profit loss of 130 million to 180 million yuan for the year 2025, an improvement from a loss of 301 million yuan in the previous year [4] Financial Performance - The expected net profit loss for 2025 is between 130 million and 180 million yuan, while the non-recurring net profit loss is projected to be between 125 million and 175 million yuan, compared to a loss of 238 million yuan in the previous year [4] - The company's price-to-book ratio (LF) is approximately 2.76 times, and the price-to-sales ratio (TTM) is about 6.28 times based on the latest closing price [4] Industry Context - The telecommunications construction industry is facing intense competition, leading to prolonged construction periods and fluctuating demand from downstream industries, which has resulted in a continuous decline in industry gross margins [15] - To secure projects, the company has been lowering its bids, which compresses profit margins and leads to cost overruns on some projects [15] - The company is also facing challenges with long accounts receivable aging and a high provision for bad debts [15]