近期联域股份（001326）发布2025年一季报，证券之星财报模型分析如下： 联域股份2025年一季度财务表现欠佳，净利润大幅下滑，应收账款高企 一、总体概况 联域股份在2025年一季度实现了营业总收入3.79亿元，同比上升了3.42%。然而，公司的归母净利润仅 为1188.18万元，同比下降了70.47%；扣非净利润为1000.96万元，同比下降了71.0%。这表明尽管公司 在营业收入方面有所增长，但盈利能力显著下降。 二、关键财务指标分析 (一)盈利能力 毛利率 公司的毛利率为19.21%，较去年同期减少了14.73个百分点，显示出公司在成本控制方面遇到了挑战。 净利率 净利率为3.14%，与去年同期相比减少了71.45个百分点，进一步反映了公司盈利能力的减弱。 每股收益 每股收益为0.16元，同比减少了70.47%，这直接影响到股东的投资回报。 (二)费用控制 销售费用、管理费用和财务费用总计达到3160.79万元，占营收的比例为8.34%，同比增长了38.77%。费 用的快速增长可能对公司利润产生了较大的侵蚀作用。 (三)现金流状况 每股经营性现金流为-1.05元，同比减少了260.85%，表明公司在 ...

Core Insights - The company has demonstrated significant improvement in profitability, with total revenue reaching 520 million yuan, a year-on-year increase of 38.6%, and net profit attributable to shareholders soaring by 332.77% to 75.0644 million yuan [1] - Cost control measures have been effective, with total selling, administrative, and financial expenses amounting to 33.9265 million yuan, representing 6.52% of revenue, a decrease of 27.49% year-on-year [2] - The operating cash flow per share has improved dramatically from -0.09 yuan to 0.25 yuan, marking a 387.33% increase, indicating a notable enhancement in cash flow from operating activities [3] - However, accounts receivable have increased significantly, reaching 685 million yuan, a 22.22% rise compared to the previous year, with the ratio of accounts receivable to profit at 742.72%, which warrants attention from investors regarding cash flow implications [4] - Overall, the company's financial performance in Q1 2025 is impressive, particularly in profitability, cost control, and cash flow, but the rapid growth of accounts receivable requires careful monitoring to ensure future financial health [5]

近期杭齿前进（601177）发布2025年一季报，证券之星财报模型分析如下： 营收与利润 费用控制 三费(销售费用、管理费用、财务费用)总计为5769.31万元，占营收的比例为12.79%，同比增加了 7.91%。这说明公司在费用控制方面面临一定压力。 资产负债情况 截至报告期末，公司的货币资金为3.17亿元，同比大幅增长38.86%。但应收账款达到6.08亿元，同比上 升33.40%，应收账款的快速增长可能对公司现金流造成一定压力。有息负债为10.51亿元，同比减少了 4.02%。 现金流状况 每股经营性现金流为-0.01元，虽然较去年同期的-0.22元有所改善，但仍为负值，同比增幅为94.24%。 这提示公司需要进一步关注其现金流管理。 财务健康度 财报体检工具显示，公司需关注现金流状况(货币资金/总资产仅为7.31%、货币资金/流动负债仅为 40.2%、近3年经营性现金流均值/流动负债仅为4.51%)。此外，还需关注债务状况(有息资产负债率已达 20.88%、有息负债总额/近3年经营性现金流均值已达25.49%)以及财务费用状况(财务费用/近3年经营性 现金流均值已达60.04%)。同时，应收账款/利润 ...

Core Viewpoint - Huangshi Group (002329) reported disappointing financial results for 2024, with significant declines in revenue and net profit compared to the previous year [1][2]. Financial Performance - Total revenue for 2024 was 2.046 billion yuan, a decrease of 29.21% year-on-year [2]. - The net profit attributable to shareholders was -681 million yuan, representing a decline of 1110.73% year-on-year [1][2]. - In Q4 2024, total revenue was 536 million yuan, down 17.11% year-on-year, and the net profit attributable to shareholders was -666 million yuan, a decrease of 519.19% [1]. Key Financial Ratios - Gross margin improved to 24.41%, an increase of 30.6% year-on-year [2]. - Net margin was -33.41%, a decline of 1454.58% year-on-year [2]. - The ratio of selling, general, and administrative expenses to revenue was 24.56%, up 9.46% year-on-year [2]. Cash Flow and Debt Situation - The liquidity ratio was 0.82, indicating increased short-term debt pressure [1][4]. - Cash and cash equivalents represented only 9.77% of total assets, and 24.28% of current liabilities [4]. - The company’s interest-bearing debt ratio reached 45.69% [4]. Changes in Financial Items - Management expenses decreased by 40.48% due to reduced stock incentive costs and the exclusion of a subsidiary from the consolidated financial statements [2]. - Research and development expenses increased by 47.21% as the company focused on new product development [2]. - Cash flow from operating activities decreased by 19.67% due to the exclusion of certain subsidiaries from the consolidated financial statements [2]. Business Model and Financing - The company has relied heavily on marketing-driven performance, which requires careful examination of the underlying drivers [3]. - Since its listing, the company has raised a total of 2.124 billion yuan and distributed 187 million yuan in dividends, resulting in a dividend-to-financing ratio of 0.09 [3].

Core Viewpoint - Dabeinong (002385) reported a decline in total revenue for 2024, but a significant increase in net profit, indicating a potential recovery in profitability despite revenue challenges [1][3]. Financial Performance - Total revenue for 2024 was 28.767 billion yuan, a decrease of 13.85% year-on-year [1][3]. - Net profit attributable to shareholders was 346 million yuan, an increase of 115.91% year-on-year [1][3]. - The fourth quarter revenue was 8.625 billion yuan, down 8.81% year-on-year, while net profit for the quarter was 212 million yuan, up 116.78% year-on-year [1][3]. - Gross margin improved to 15.14%, up 57.22% year-on-year, while net margin reached 2.49%, an increase of 132.27% [3][4]. - Operating cash flow per share was 0.58 yuan, a significant increase of 873.5% year-on-year [3][4]. Debt and Liquidity - The company faced increased short-term debt pressure, with a current ratio of 0.72 [1][4]. - Interest-bearing liabilities decreased to 12.072 billion yuan, down 10.04% year-on-year [3]. Market Position and Analyst Expectations - Analysts had previously expected a net profit of approximately 359 million yuan for 2024, indicating that actual results fell short of expectations [1][2]. - The company’s return on invested capital (ROIC) was reported at 5.76%, suggesting average capital returns [4]. Shareholder and Fund Management - The company has been held by notable fund managers, with the most significant holdings in the Guotai CSI Livestock Breeding ETF [5]. - The fund management landscape shows mixed movements, with some funds increasing their positions while others reduced their holdings [5].

Core Viewpoint - The financial performance of Jicheng Electronics (002339) for the year 2024 shows moderate growth in revenue and net profit, but raises concerns regarding cash flow and accounts receivable management [1][2]. Financial Performance Summary - Total revenue for 2024 reached 2.598 billion yuan, an increase of 8.86% compared to the previous year [1]. - The net profit attributable to shareholders was 31.6012 million yuan, reflecting a 2.13% increase year-on-year [1]. - In Q4 2024, total revenue was 1.17 billion yuan, up 6.41% year-on-year, with net profit of 12.3 million yuan, a significant increase of 21.65% [1]. - The gross margin improved to 28.12%, up 1.11% year-on-year, while the net margin decreased to 2.7%, down 16.74% [1]. - Total operating expenses (selling, administrative, and financial) amounted to 449 million yuan, accounting for 17.27% of revenue, an increase of 0.75% year-on-year [1]. Cash Flow and Receivables - The company reported a significant accounts receivable figure, with accounts receivable amounting to 1.458 billion yuan, which is 4613.11% of the net profit [1][2]. - Operating cash flow per share decreased to 0.22 yuan, down 21.7% year-on-year [1]. - The average operating cash flow over the past three years relative to current liabilities is only 18.33%, indicating potential liquidity concerns [2]. Investment and Financing - The company has a return on invested capital (ROIC) of 3.14%, indicating weak capital returns [2]. - Cumulative financing since the company's listing totals 929 million yuan, with cumulative dividends of 222 million yuan, resulting in a dividend financing ratio of 0.24 [2]. - The business model relies heavily on research and marketing efforts, necessitating a deeper analysis of these driving factors [2].

Core Viewpoint - Slin Co., Ltd. (301550) reported a revenue of 774 million yuan for 2024, a year-on-year increase of 4.91%, and a net profit of 190 million yuan, up 26.91% from the previous year, exceeding analyst expectations [1][3] Financial Performance - Total revenue for 2024 reached 774 million yuan, compared to 738 million yuan in 2023, reflecting a growth of 4.91% [3] - Net profit attributable to shareholders was 190 million yuan, up from 150 million yuan in 2023, marking a 26.91% increase [3] - The gross profit margin improved to 32.52%, an increase of 1.4% year-on-year, while the net profit margin rose to 24.54%, up 20.97% [3][4] - The company reported a quarterly revenue of 218 million yuan in Q4 2024, a 4.51% increase year-on-year, with a net profit of approximately 53.2 million yuan, up 23.86% [1] Cost and Efficiency Metrics - Total expenses (selling, administrative, and financial) amounted to -5.11 million yuan, with a ratio of expenses to revenue at -0.66%, a significant decrease of 121.13% year-on-year [3][4] - Earnings per share (EPS) increased to 1.73 yuan, up 2.98% from 1.68 yuan in 2023 [3] Cash Flow and Financial Health - Operating cash flow per share rose to 1.96 yuan, a substantial increase of 77.11% year-on-year [3] - The company’s cash and cash equivalents decreased by 6.89% to 1.13 billion yuan, attributed to investments in financial products [4] Market Outlook and Strategy - The company is focusing on deepening and expanding its presence in the European and American markets, with stable order performance in Europe and recognition from U.S. customs for its Thailand factory, enhancing supply chain stability [7]

Core Insights - The company, Yingke Medical, reported a significant increase in both revenue and net profit for the year 2024, with total revenue reaching 9.523 billion yuan, a year-on-year increase of 37.65%, and net profit of 1.465 billion yuan, up 282.63% [1][4] - The fourth quarter of 2024 showed particularly strong performance, with revenue of 2.425 billion yuan, a 29.21% increase year-on-year, and net profit soaring to 778 million yuan, reflecting a staggering increase of 1391.98% [1] - The company's profitability improved markedly, with gross margin increasing by 72.56% to 23.64% and net margin rising by 179.26% to 15.66% [1][4] Financial Performance - Total revenue for 2024 was 9.523 billion yuan, compared to 6.919 billion yuan in 2023, marking a 37.65% increase [4] - Net profit for 2024 was 1.465 billion yuan, up from 383 million yuan in 2023, representing a 282.63% increase [4] - The company reported a significant increase in non-recurring net profit, which reached 1.167 billion yuan, a year-on-year increase of 1239.10% [4] Cost and Efficiency - Total expenses related to sales, management, and finance amounted to 370 million yuan, which is 3.88% of revenue, down 37.76% year-on-year [4] - The company’s cash flow from operating activities increased significantly, with a year-on-year growth of 114.78% [8] Market Expectations - Analysts had previously estimated the company's net profit for 2024 to be around 1.257 billion yuan, indicating that the actual results exceeded expectations [2] - Forecasts for 2025 suggest a net profit of approximately 1.516 billion yuan, with an average earnings per share of 2.34 yuan [5] Shareholder Information - The largest fund holding Yingke Medical shares is the GF聚瑞混合A, which holds 3.3198 million shares, reflecting an increase in position [6] - The fund's current scale is 1.516 billion yuan, with a recent net value of 3.5526, showing a decline of 0.93% from the previous trading day but an increase of 26.89% over the past year [6]

Core Viewpoint - The financial performance of Shen Zhonghua A (000017) for the year 2024 shows a slight increase in total revenue but a decline in net profit, indicating potential challenges in profitability despite revenue growth [1][2]. Financial Performance Summary - Total revenue for 2024 reached 580 million yuan, a year-on-year increase of 2.0% compared to 568 million yuan in 2023 [1]. - Net profit attributable to shareholders was 16.84 million yuan, down 5.9% from 17.90 million yuan in the previous year [1]. - The fourth quarter saw total revenue of 300 million yuan, a significant year-on-year increase of 36.56%, but net profit for the same period decreased by 26.66% to 9.42 million yuan [1]. - The gross margin for 2024 was 5.94%, a decrease of 8.45% from 6.49% in 2023, while the net margin fell to 2.73%, down 13.77% from 3.17% [1][2]. - The company reported a significant increase in accounts receivable, which reached 234 million yuan, up 19.01% from 196 million yuan in 2023, leading to a concerning ratio of accounts receivable to net profit of 1386.79% [1][3]. Cost and Expense Analysis - Total sales, administrative, and financial expenses amounted to 11.64 million yuan, representing 2.01% of revenue, a decrease of 10.37% from 2.24% in the previous year [1]. - Sales expenses decreased by 23.68% due to reduced market service and promotional costs [2]. - Financial expenses surged by 2310.31% due to new interest expenses incurred [2]. - Research and development expenses dropped by 49.3% as a result of a reduction in R&D personnel [2]. Cash Flow and Financing - Operating cash flow per share was -0.02 yuan, a significant decline of 157.23% from 0.04 yuan in the previous year, indicating cash flow challenges [1][3]. - The company’s financing activities generated a net cash flow increase of 270.6%, attributed to investments from minority shareholders and bank loans [2]. Business Model and Investment Insights - The company has cumulatively raised 880 million yuan since its listing, with total dividends amounting to 60.70 million yuan, resulting in a dividend-to-financing ratio of 0.07 [3]. - The business model heavily relies on equity financing, necessitating a thorough examination of the underlying drivers of this approach [3]. - The company’s return on invested capital (ROIC) was reported at 4.65%, indicating a relatively low capital return rate [2].

大家好，我是StockMasterX，今天咱们就聊聊这个话题，怎样对上市公司做财务分析，股票佣金现在又能低到啥地步，这可是炒股路上绕不开的硬核话题， 聊起来总能让人有点小兴奋。 说起财务分析，我得先讲个自己的糗事，记得刚开接触股票那会儿，我啥也不懂，挑股票全凭感觉，结果买了家看起来风光的公司，股价哗哗跌，亏得我好 几天睡不着，后来有次在书店翻投资书，碰到个老股友，他见我一脸迷茫，就拉我去喝茶，他说炒股得学会看公司的账本，不然就像瞎子摸象，我当时一 愣，账本咋看，他笑着说，财务分析就是看公司健不健康，赚不赚钱，值不值得投。 财务分析的精髓，是把报表跟行业、宏观经济结合起来，我发现，消费品公司在经济复苏时往往跑得快，但科技公司得看政策和研发投入，前段时间我分析 一家新能源公司，报表漂亮，现金流也好，但行业竞争太激烈，我犹豫了，幸好没追高，市场一调整，它果然回调，这让我觉得，财务分析得有耐心，数据 背后藏着故事。 他教我，财务分析得从三大报表入手，利润表、资产负债表、现金流量表，我当时听完觉得像学了个新魔法，利润表告诉你公司赚了多少，比如营收、净利 润这些，资产负债表看公司的家底，资产、负债多少，现金流量表则看公司 ...