关键财务指标分析 2025年4月，株洲宏达电子股份有限公司（以下简称"宏达电子"）发布2024年年度报告。报告期内，公 司实现营业收入15.86亿元，同比减少7.07%；归属于上市公司股东的净利润为2.79亿元，同比减少 40.81%。这两项数据的显著变化，凸显了公司在过去一年面临的挑战。以下将对宏达电子2024年年报 进行详细解读。 营收下滑，市场需求有待恢复 净利润降幅明显，盈利能力承压 归属于上市公司股东的净利润为2.79亿元，较上年同期的4.72亿元减少40.81%；归属于上市公司股东的 扣除非经常性损益的净利润为2.26亿元，同比减少40.38%。净利润的大幅下降，一方面源于营业收入的 减少，另一方面，成本费用的控制压力也对利润空间形成了挤压。公司虽持续推进降本增效，但仍难以 抵消外部环境带来的负面影响。 基本每股收益与扣非每股收益双降 基本每股收益为0.678元/股，较上年的1.1454元/股减少40.81%；扣除非经常性损益后的基本每股收益为 0.5496元/股，同比减少40.38%。这与净利润的下降趋势一致，反映了公司盈利能力的减弱，对股东的 回报水平也相应降低。 费用分析 费用控制有成效，但 ...

营收及归母净利润小幅回落。公司一季度营收及归母净利润均出 现小幅回落，主要受建筑施工业务收入减少影响，此外去年建筑 施工业务提供业绩增量较高，导致业绩基数偏高。 新签合同金额同比上涨。截至 2025 年 3 月底，公司累计新签合同 额 28.1 亿元，同比+171.7%，其中工程施工业务新签 26.0 亿元， 同比+249.9%，主要受益于一季度控股股东拿地情况同比去年显著 好转；工程咨询新签 2.0 亿元，同比-29.4%。 控股股东拿地积极，为业务发展奠定基础。在行业销售承压的背 景下，控股股东建发房产仍积极拿地，根据中指院，2025 年 1-3 月建发房产共拿土地 7 宗，总权益拿地金额达 207 亿元，同比去 年同期 43 亿权益拿地金额大幅增长，为一季度工程施工项目增长 提供重要支撑。此外 2025 年一季度建发房产权益拿地金额位列行 业第四，相比去年第 13 名大幅提升。考虑到未来建发房产持续新 获取项目，为后续公司业务发展提供了良好的基础。 现金流短期承压。2025 年 1-3 月公司经营性现金流量净额-2.63 亿元,同比-280.1%，主要受建筑施工业务回款减少及成本支出增 加的影响。考虑到 ...

Revenue and Profit - The company achieved significant revenue and profit growth in Q1 2025, with total operating revenue reaching 714 million yuan, a year-on-year increase of 22.6% [2] - The net profit attributable to shareholders was 85.073 million yuan, up 193.36% year-on-year, while the net profit excluding non-recurring items was 65.8237 million yuan, reflecting a 395.17% increase [2] Profitability - The company's gross margin was 44.21%, a decrease of 3.62 percentage points compared to the same period last year, but the net margin reached 11.92%, an increase of 139.28% year-on-year [3] - Earnings per share were 0.68 yuan, representing a year-on-year growth of 195.65% [3] Cost Control - The company demonstrated strong cost control, with total selling, administrative, and financial expenses amounting to 210 million yuan, accounting for 29.45% of revenue, a decrease of 6.7% year-on-year [4] Cash Flow Situation - The operating cash flow per share was -3.49 yuan, a significant decline of 2822.02% year-on-year, indicating considerable pressure on cash flow from operating activities [5] Assets and Liabilities - The company's cash and cash equivalents were 856 million yuan, a decrease of 76.44% from 3.631 billion yuan in the same period last year [6] - Accounts receivable increased by 26.41% year-on-year to 129 million yuan, while interest-bearing liabilities decreased by 86.06% to 37.945 million yuan, indicating improved debt management [6] Overall Summary - Overall, the company achieved significant growth in revenue and net profit in Q1 2025, with improved profitability and effective cost control. However, the cash flow situation raises concerns that require close monitoring of future cash flow management and operational performance [7]

Core Insights - Yinghuate (301272) reported a total revenue of 95.51 million yuan in Q1 2025, reflecting a slight year-on-year increase of 0.67%. However, the company recorded a net loss attributable to shareholders of -2.02 million yuan and a net profit excluding non-recurring items of -2.74 million yuan, representing a year-on-year decline of 124.92% and 136.63% respectively, indicating a loss in this quarter [1][2]. Financial Performance - Gross margin decreased to 21.2%, down 15.24 percentage points year-on-year, indicating a weakening in the profitability of the core business [3]. - Net margin was -2.11%, a decrease of 124.76 percentage points year-on-year, further reflecting challenges in cost control [3]. - Earnings per share were -0.03 yuan, a decline of 121.43% year-on-year, indicating damage to shareholder equity [3]. - The ratio of operating expenses to revenue was 8.92%, an increase of 19.03% year-on-year, suggesting higher spending on sales, management, and financial expenses [3]. - Operating cash flow per share was -0.22 yuan, a decrease of 145.23% year-on-year, indicating negative cash flow from operating activities and worsening conditions compared to the previous year [3]. - Accounts receivable amounted to 54.52 million yuan, a decrease of 10.10% year-on-year, but still represented 73.51% of the latest annual net profit, highlighting concerns over accounts receivable recovery risks [3]. - Cash and cash equivalents were 52.08 million yuan, a significant decrease of 80.73% year-on-year, reflecting a substantial decline in cash reserves [3]. - Return on invested capital (ROIC) was at a general level of 6.91% last year [3]. - The net margin last year was 12.43%, indicating a high added value of the company's products or services after accounting for all costs [3]. Financing and Dividend Policy - Since its listing, the company has raised a total of 752 million yuan and distributed dividends amounting to 29.84 million yuan, resulting in a dividend-to-financing ratio of only 0.04, indicating a preference for equity financing to support business development [3].

销售费用、管理费用、财务费用总计为4657.78万元，三费占营收比为7.3%，同比减少了27.24%。尽管 费用控制有所改善，但未能有效提升整体盈利水平。 盈利能力 公司的毛利率为8.33%，同比减少了24.39%；净利率为0.87%，同比减少了4.29%。这些数据反映了公司 在主营业务上的盈利能力有所减弱。 成本与费用 近期电声股份（300805）发布2025年一季报，证券之星财报模型分析如下： 营收与利润 电声股份在2025年一季度实现了营业总收入6.38亿元，同比上升21.45%。然而，归母净利润为433.71万 元，同比下降15.46%，扣非净利润为141.15万元，同比下降41.76%。这表明公司在收入增长的同时，盈 利能力有所下降。 现金流与资产负债 货币资金为6亿元，同比减少了26.47%；有息负债为2.03亿元，同比增加了3579.45%。这表明公司在债 务方面面临一定的压力。 总结 总体来看，电声股份在2025年一季度虽然实现了营收的增长，但在盈利能力、现金流管理和应收账款方 面面临较大挑战。公司需要进一步优化成本结构，加强应收账款管理，并改善现金流状况，以提升整体 运营效率和盈利能力。 每 ...

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 ...

Core Viewpoint - New Media Co., Ltd. demonstrated steady growth in Q1 2025, particularly in operating cash flow per share and net profit margin [2][3][7] Financial Overview - The company achieved total revenue of 407 million yuan, a year-on-year increase of 1.48% [2] - The net profit attributable to shareholders reached 161 million yuan, growing by 8.69% year-on-year [2] - The net profit excluding non-recurring items was also 161 million yuan, reflecting an 8.72% year-on-year increase [2] Profitability - The gross margin was 48.94%, a decrease of 2.75 percentage points compared to the same period last year [3] - The net profit margin increased to 39.53%, up by 7.02 percentage points year-on-year [3] - Earnings per share were 0.7 yuan, representing a year-on-year growth of 7.69% [3] Cash Flow and Asset Status - Operating cash flow per share significantly increased to 2.45 yuan, a year-on-year rise of 176.92% [4] - Cash and cash equivalents decreased from 3.607 billion yuan to 2.626 billion yuan, a decline of 27.21% year-on-year [4] - Accounts receivable also decreased from 246 million yuan to 228 million yuan, down by 7.29% year-on-year [4] Cost and Expenses - Total operating expenses (selling, administrative, and financial expenses) amounted to 19.87 million yuan, accounting for 4.89% of revenue, which is a significant increase of 153.00% year-on-year [5] Debt Repayment Ability and Capital Structure - Interest-bearing liabilities decreased from 8.5319 million yuan to 6.929 million yuan, a year-on-year decline of 18.79% [6] Investor Returns - Since its listing, the company has raised a total of 1.161 billion yuan and distributed a total of 1.805 billion yuan in dividends, resulting in a dividend-to-financing ratio of 1.55, indicating a strong commitment to shareholder returns [7]

Core Viewpoint - Yabon's Q1 2025 report indicates a recovery in profitability despite ongoing net losses, highlighting improvements in revenue and cost management [1][2][7] Financial Overview - Total revenue for Q1 2025 reached 316 million yuan, a year-on-year increase of 43.52% [2] - The net profit attributable to shareholders was -12.76 million yuan, but this represents a 72.01% improvement year-on-year [2] - The non-recurring net profit was also negative at -14.29 million yuan, showing a 64.76% year-on-year increase [2] Profitability - The gross margin improved to 20.81%, reflecting a year-on-year increase of 25.74% [3] - The net margin was -4.94%, which is a 75.47% improvement compared to the previous year [3] Costs and Expenses - Total selling, administrative, and financial expenses amounted to 47.33 million yuan, accounting for 14.99% of revenue, a decrease of 44.69% year-on-year [4] Cash Flow and Asset Status - Operating cash flow per share was -0.04 yuan, a significant decrease of 675.75% year-on-year [5] - Monetary funds totaled 257 million yuan, down 25.80% from the previous year [5] - Accounts receivable increased to 527 million yuan, a year-on-year rise of 3.09% [5] Debt Situation - Interest-bearing liabilities stood at 1.159 billion yuan, a slight decrease of 0.16% year-on-year [6] - The interest-bearing asset-liability ratio was 29.37%, with interest-bearing liabilities being 13.59 times the average operating cash flow over the past three years, indicating some pressure in debt management [6] Summary - Overall, Yabon has shown signs of profitability recovery in Q1 2025, but attention is needed on cash flow and debt management to ensure long-term stability [7]

近期华宇软件（300271）发布2025年一季报，证券之星财报模型分析如下： 经营业绩概况 华宇软件在2025年第一季度实现了营业总收入2.71亿元，同比上升11.59%。尽管收入有所增长，但归母 净利润仍为负数，录得-4540.6万元，不过同比上升了47.79%。扣非净利润同样为负，为-4963.8万元， 同比上升39.57%。这表明公司在控制成本和提高盈利能力方面取得了一定进展。 盈利能力分析 从盈利能力来看，公司的毛利率为30.12%，较去年同期下降了7.74个百分点。净利率为-19.45%，虽然 同比增加了49.2%，但仍然处于亏损状态。每股收益为-0.06元，同比上升45.45%，显示出公司在减少亏 损方面有所改善。 成本费用控制 公司在成本费用控制方面表现出色。销售费用、管理费用、财务费用总计为7337.32万元，三费占营收 比为27.07%，同比下降了30.45%。这表明公司在优化内部管理、降低运营成本方面取得了显著成效。 资产负债情况 截至2025年一季度末，公司货币资金为16.19亿元，较去年同期减少了14.70%；应收账款为7.55亿元， 同比减少了15.62%；有息负债为1220.09万 ...

从盈利能力来看，公司的毛利率为28.56%，同比减少1.63%；净利率为-4.24%，同比减少167.48%。每 股收益为-0.01元，同比减少97.56%。这些数据反映出公司在成本控制和盈利方面面临挑战。 费用情况 公司销售费用、管理费用、财务费用总计为2699.65万元，三费占营收比为25.61%，同比增长7.45%。费 用的增长进一步压缩了公司的利润空间。 现金流与资产状况 近期联建光电（300269）发布2025年一季报，证券之星财报模型分析如下： 营收与利润 近期联建光电发布的2025年一季报显示，公司营业总收入为1.05亿元，同比下降26.48%。归母净利润 为-447.27万元，同比下降96.66%；扣非净利润为-708.03万元，同比下降60.79%。这表明公司在该季度 的盈利能力大幅下降。 盈利能力指标 每股经营性现金流为-0.02元，同比减少146.60%，显示出公司在经营活动中的现金流出压力增大。此 外，货币资金为1.78亿元，较去年同期的2.89亿元减少了38.36%，应收账款为6437.54万元，同比减少 34.90%，但应收账款占最新年报归母净利润比高达1015.34%，需关注其回 ...