达实智能：预计2025年亏损7.15亿元-8.95亿元

Core Viewpoint - The company, 达实智能 (002421), has announced a significant expected loss for the year 2025, projecting a net loss attributable to shareholders between 715 million yuan and 895 million yuan, compared to a profit of 25.88 million yuan in the previous year [4]. Financial Performance - The expected non-recurring net loss for 2025 is projected to be between 435 million yuan and 635 million yuan, with a previous year profit of 159,550 yuan [4]. - The basic earnings per share are forecasted to be between -0.3372 yuan and -0.4221 yuan [4]. - The company's price-to-book ratio (LF) is approximately 2.03 times, and the price-to-sales ratio (TTM) is about 2.42 times based on the latest closing price [4]. Revenue and Profitability Issues - The anticipated losses are primarily attributed to a decline in operating revenue and gross margin, as well as issues related to equity transfers and debt restructuring of project companies [13]. - The decline in operating revenue and gross margin is mainly due to delays in the implementation of signed projects and reductions in the settlement amounts of certain large projects [13]. Historical Financial Trends - Historical data indicates a significant decline in net profit and non-recurring profit over the years, with projections for 2025 showing a continued downward trend [14]. - The company has experienced substantial fluctuations in profitability, with the net profit growth rate expected to be negative for the upcoming year [14].