近期共创草坪（605099）发布2025年一季报，证券之星财报模型分析如下： 经营业绩 共创草坪在2025年一季度实现了较为稳健的增长。根据财报数据，公司营业总收入达到7.93亿元，同比 上升15.27%；归母净利润为1.56亿元，同比上升28.73%；扣非净利润为1.55亿元，同比上升31.98%。这 表明公司在报告期内不仅保持了收入的增长，而且盈利能力也得到了显著提升。 盈利能力 公司的盈利能力在本报告期内表现出色。毛利率为32.55%，同比增加了8.22个百分点；净利率为 19.67%，同比增加了11.68个百分点。这些数据显示出公司在控制成本和提高产品附加值方面取得了积 极成效。 公司货币资金为11.26亿元，同比增加14.53%，显示出良好的现金流状况。然而，需要注意的是，公司 有息负债从1.05亿元增加到3.36亿元，增幅达220.64%，这可能对公司未来的财务压力产生一定影响。 应收账款 财报体检工具提示应关注公司应收账款状况，当前应收账款为6.91亿元，占利润的比例高达135.22%， 需警惕潜在的坏账风险。 分红与融资 自上市以来，公司累计融资总额为6.19亿元，累计分红总额为8.32亿元， ...

营收与利润 华康股份在2025年一季度实现了营业总收入8.17亿元，较去年同期的6.35亿元同比增长了28.63%。然 而，归母净利润为8103.75万元，仅同比增长1.30%，扣非净利润为7325.76万元，同比增长0.19%。这表 明公司在营业收入大幅增长的同时，净利润的增长相对较为缓慢。 毛利率与净利率 公司的毛利率为19.4%，同比下降了19.21%，净利率为9.99%，同比下降了20.7%。这反映出公司在成本 控制方面可能面临一定压力，导致盈利能力有所下降。 近期华康股份（605077）发布2025年一季报，证券之星财报模型分析如下： 总结 应收账款与现金流 值得注意的是，公司的应收账款从去年同期的3.76亿元增加到5.37亿元，同比增长了42.66%。同时，每 股经营性现金流为-0.12元，虽然较去年同期的-0.65元有所改善，但仍为负值。这提示公司需关注应收 账款的回收情况以及现金流的健康状况。 资产负债状况 公司的有息负债为28.06亿元，同比增长了20.36%，有息资产负债率已达36.9%。此外，货币资金为8.09 亿元，较去年同期的17.16亿元减少了52.83%，货币资金与流动负债的比例 ...

Core Insights - Nanjing Julong (300644) reported a total revenue of 595 million yuan for Q1 2025, representing a year-on-year increase of 32.48% [1] - The net profit attributable to shareholders reached 30.53 million yuan, up 33.56% year-on-year [1] Financial Performance - Total revenue for Q1 2025 was 595 million yuan, compared to 449 million yuan in Q1 2024, marking a 32.48% increase [1] - Net profit attributable to shareholders was 30.53 million yuan, up from 22.86 million yuan in the same quarter last year, reflecting a 33.56% growth [1] - Gross margin improved to 16.09%, an increase of 13.03% year-on-year, while net margin slightly increased to 5.18% [1] - Total expenses (selling, administrative, and financial) amounted to 44.11 million yuan, accounting for 7.42% of revenue, down 3.87% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents rose to 136 million yuan, a 48.46% increase from 91.48 million yuan [1] - Accounts receivable increased to 711 million yuan, with a year-on-year growth of 31.71% [1] - Interest-bearing liabilities were reported at 554 million yuan, a 6.64% increase from the previous year [1] Earnings Metrics - Earnings per share (EPS) increased to 0.30 yuan, up 40.73% from 0.21 yuan [1] - Operating cash flow per share was reported at -0.58 yuan, a significant decrease of 281.42% year-on-year [1] - Book value per share rose to 8.46 yuan, reflecting a 2.96% increase [1] Business Evaluation - The company's return on invested capital (ROIC) was 8.05%, indicating average capital returns [4] - The net profit margin for the previous year was 3.65%, suggesting low added value for products or services [4] - The company has raised a total of 288 million yuan since its IPO, with cumulative dividends amounting to 126 million yuan, resulting in a dividend-to-financing ratio of 0.44 [4] Cash Flow and Debt Analysis - Cash flow metrics indicate that cash and cash equivalents represent only 7.61% of total assets and 21.52% of current liabilities [4] - The interest-bearing debt ratio stands at 23.29%, with interest-bearing liabilities amounting to 11.26 times the average operating cash flow over the past three years [4] - Financial expenses accounted for 60.74% of the average operating cash flow over the past three years [4] - Accounts receivable represent 843.58% of profit, indicating potential liquidity concerns [4]

Core Viewpoint - Tianfulong Group's IPO has been approved, but the company faces challenges such as declining profit margins, increasing inventory, and reduced fundraising, which may affect investor confidence post-listing [3][4][9]. Financial Performance - Tianfulong's main business involves the R&D, production, and sales of differentiated polyester short fibers, with revenue projected to grow from 2.576 billion yuan in 2022 to 3.841 billion yuan in 2024, and net profit expected to rise from 358 million yuan to 454 million yuan during the same period [4]. - Despite revenue and net profit growth, the company's gross profit margin has decreased from 18.86% in 2022 to 16.50% in 2024, a decline of 2.36 percentage points [4]. Tax Incentives - The increase in net profit is largely attributed to tax incentives, including VAT refunds, which contributed 63 million yuan, 54 million yuan, and 87 million yuan to net profit in 2022, 2023, and 2024, respectively, accounting for 16.05%, 11.68%, and 17.77% of net profit [5]. Inventory and Receivables - Tianfulong's inventory has surged from 398 million yuan in 2022 to 660 million yuan in 2024, representing 12.34% and 17.05% of total assets, respectively [8]. - The accounts receivable turnover ratio for Tianfulong was 14.02 times in 2022, compared to industry peers' ratios of 32.69 times and 26.49 times in 2022 and 2023, indicating weaker performance in managing receivables [7]. IPO Fundraising Changes - Initially, Tianfulong aimed to raise 1.09 billion yuan, but later reduced the fundraising target to 790 million yuan by eliminating a 300 million yuan project for supplementing working capital, raising questions about the necessity of this funding [9][10]. - The company has sufficient cash reserves, with bank deposits increasing from 483 million yuan in 2022 to 752 million yuan in 2024, suggesting that the need for additional working capital may not be justified [10].

证券代码：300470 股票简称：中密控股 中密控股股份有限公司投资者关系活动记录表 编号：2025-003 投资者关系活动类 别 □特定对象调研 □分析师会议 □媒体采访 √业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称及人 员姓名 线上参与中密控股 2024 年度网上业绩说明会的投资者 时间 2025 年 04 月 28 日（星期一）下午 15:00-17:00 地点 "中密控股投资者关系"微信小程序 上市公司接待人员 姓名 董事长：彭玮先生 董事、总经理：陈虹先生 独立董事：应千伟先生 董事会秘书：沈小华先生 财务总监：刘小强先生 投资者关系活动主 要内容介绍 1、问：2024 年公司营业收入和净利润都实现了稳健增 长，能否详细介绍一下推动业绩增长的主要因素是什 么？ 答：投资者您好。2024 年度，公司的下游行业面对的需 求持续较低迷，管理层与全体员工齐心协力、真抓实干， 使得公司经营业绩仍然保持了稳健增长。其中：（1） 机械密封板块，增量市场收入略高于存量市场，增量市 场收入及存量市场收入与去年同比均有一定增幅，增量 市场毛利率同比基本维持稳定，存 ...

深圳商报·读创客户端记者 穆砚 2024年，公司全年营收同比微增，但净利润显著承压，同比大幅下滑近六成。年报显示，公司核心业务 电气绝缘材料的市场需求呈现结构性分化，风电、轨道交通等传统优势领域的订单波动对业绩形成拖 累。值得注意的是，公司存在应收账款管理与存货周转的压力。部分下游客户回款周期拉长，叠加部分 项目执行成本超预期，进一步侵蚀利润空间。博菲电气在年报中提示，2024年末，公司应收账款账面价 值为1.81亿元，如果后续公司不能对应收账款进行有效控制，及时收回到期应收账款，则可能存在应收 账款无法收回及因余额较大导致坏账计提增加的风险，从而对公司未来经营业绩造成重大不利影响。 尽管公司通过优化生产工艺降低了部分原材料成本，但研发投入的持续加码与市场拓展费用的刚性增 长，导致期间费用率居高不下。年报中提及的"新能源车、储能等新兴领域布局"虽被列为战略方向，但 相关业务尚处于投入期，尚未形成规模化收益。与此同时，行业竞争加剧导致部分成熟产品毛利率下 滑，传统业务增长动能减弱。 不过，公司2025年一季度的业绩有所回暖。营收同比增长超30%，净利润实现扭亏为盈，得益于风电领 域订单的集中交付与成本管控措施的 ...

近期泰恩康（301263）发布2025年一季报，证券之星财报模型分析如下： 泰恩康2025年一季度财务表现 收入与利润 根据泰恩康发布的2025年一季报，公司营业总收入为1.85亿元，同比下降2.35%。归母净利润为3154.6 万元，同比下降30.62%；扣非净利润为3145.75万元，同比下降27.58%。这表明公司在一季度的盈利能 力有所减弱。 盈利能力指标 从盈利能力来看，公司的毛利率为61.65%，同比减少2.41%；净利率为16.62%，同比减少25.91%。每股 收益为0.07元，同比减少36.36%。这些数据反映出公司在一季度的成本控制和盈利水平方面面临一定压 力。 成本与费用 一季度，公司的销售费用、管理费用、财务费用总计为5806.82万元，三费占营收比为31.45%，同比增 长23.34%。这表明公司在费用控制方面存在一定的挑战，费用增长速度超过了收入的增长。 资产负债情况 截至一季度末，公司的货币资金为4.85亿元，同比增长14.71%；应收账款为3.74亿元，同比增长 13.87%；有息负债为3.2亿元，同比增长52.00%。应收账款与利润的比例高达345.92%，需关注应收账款 的 ...

近期中汽股份（301215）发布2025年一季报，证券之星财报模型分析如下： 财务概况 中汽股份在2025年第一季度实现了较为稳健的增长。根据财报数据，公司营业总收入达到8801.73万 元，同比增长29.92%；归母净利润为2897.63万元，同比增长23.92%；扣非净利润为2472.49万元，同比 增长32.70%。 盈利能力分析 公司的盈利能力表现良好。毛利率为61.54%，虽然同比下降了6.88%，但仍处于较高水平。净利率为 32.92%，同比下降4.62%。每股收益为0.02元，同比增长22.22%。每股净资产为2.18元，同比增长 1.36%。每股经营性现金流为0.01元，同比增长41.06%。 成本与费用控制 公司在成本和费用控制方面有所改善。销售费用、管理费用、财务费用总计为1982.67万元，三费占营 收比为22.53%，同比下降8.78%。这表明公司在控制运营成本方面取得了一定成效。 应收账款与现金流 值得注意的是，公司应收账款体量较大，当期应收账款为1.91亿元，占最新年报归母净利润的比例高达 114.84%。这一比例较高，可能对公司现金流产生一定影响。尽管如此，每股经营性现金流仍实现 ...

Revenue and Profit - The company achieved total revenue of 638 million yuan in Q1 2025, representing a year-on-year increase of 21.45% [2] - However, the net profit attributable to shareholders was 4.34 million yuan, a year-on-year decrease of 15.46%, while the net profit after deducting non-recurring items was 1.41 million yuan, down 41.76% year-on-year [2] Profitability - The company's gross margin was 8.33%, a decrease of 24.39% year-on-year, and the net profit margin was 0.87%, down 4.29% year-on-year, indicating weakened profitability in core operations [3] Costs and Expenses - Total selling, administrative, and financial expenses amounted to 46.58 million yuan, accounting for 7.3% of revenue, which is a year-on-year decrease of 27.24%. Despite improved cost control, overall profitability did not see significant enhancement [4] Cash Flow and Accounts Receivable - The operating cash flow per share was -0.09 yuan, a year-on-year decrease of 9853.29%, indicating tight cash flow conditions in operational activities [5] - Accounts receivable reached 586 million yuan, which is 4170.25% of the latest annual net profit, highlighting significant pressure in accounts receivable management [5] Assets and Liabilities - Cash and cash equivalents amounted to 600 million yuan, a year-on-year decrease of 26.47%, while interest-bearing liabilities increased to 203 million yuan, a year-on-year increase of 3579.45%, indicating pressure on the company's debt situation [6] Overall Summary - In Q1 2025, the company experienced revenue growth but faced significant challenges in profitability, cash flow management, and accounts receivable. There is a need for further optimization of cost structure, enhancement of accounts receivable management, and improvement of cash flow conditions to boost overall operational efficiency and profitability [7]

近期天迈科技（300807）发布2025年一季报，证券之星财报模型分析如下： 营收与利润 天迈科技在2025年第一季度实现了营业总收入3146.35万元，较去年同期的1332.18万元大幅增长了 136.18%。尽管收入显著增加，但公司仍处于亏损状态，归母净利润为-89.76万元，不过相比去年同期 的-2003.62万元，亏损幅度大幅收窄，同比上升95.52%。扣非净利润为-777.09万元，同比上升62.45%， 显示出公司在主营业务上的盈利能力有所改善。 毛利率与净利率 公司的毛利率为35.22%，较去年同期下降了6.47个百分点。净利率为-5.32%，虽然仍为负值，但同比增 加了96.46%，表明公司在控制成本和提高效率方面取得了一定进展。 公司的有息负债为5879.33万元，较去年同期的6984.49万元减少了15.82%。虽然负债有所减少，但近3 年经营活动产生的现金流净额均为负值，建议持续关注公司的偿债能力和现金流状况。 总结 总体来看，天迈科技在2025年第一季度的业绩表现有所改善，特别是在营收增长和费用控制方面取得了 显著进展。然而，公司仍面临现金流紧张和应收账款较高的问题，需要进一步加强现金 ...