证券研究报告 | 季报点评 gszqdatemark 2025 04 30 年 月 日 极米科技（688696.SH） 盈利能力持续提升，新品竞争力强劲 事件：公司发布 2025Q1 季报。公司 2025Q1 实现营业收入 8.1 亿元，同比-1.9%；归母净利润为 0.6 亿元，同比+337.5%。 行业销售回暖，公司新品参数表现强劲。据洛图科技，2025 年 M1-M2 投影仪国内线上销量/销额分别实现 63.6 万台/9.8 亿 元，同比-3.4%/-2.6%，2025 年 2 月数据看，国补政策驱动 下 DLP/3LCD 产品增速达 23.8%/52.2%，国补拉动行业产品 结构升级。2025 年 3 月公司推出新品 Play6 系列，其中 Play6/Play6e 国补后不高于 1799 元/1599 元，亮度达到 600 CVIA 流明，Play6 设置内置电池，可支持长达 2.5 小时的连续 视频播放，参数表现优异。 盈利能力持续提升。毛利率：2025Q1 公司实现毛利率 34%， 同比+6pct。我们判断毛利率提升主要系高毛利的海外业务收 入占比提升所贡献。费率端：2025Q1 公司销售/管理 ...

Financial Overview - The company achieved significant financial growth in Q1 2025, with total revenue reaching 57.13 million yuan, a year-on-year increase of 134.54% [2] - The net profit attributable to shareholders was 8.51 million yuan, up 316.08% year-on-year, while the net profit after deducting non-recurring items was 7.55 million yuan, an increase of 278.16% [2] Profitability Analysis - The company's profitability improved markedly, with a gross margin of 31.12%, an increase of 45.47% year-on-year, and a net margin of 14.28%, up 189.87% [3] Cost and Expense Control - The total sales, management, and financial expenses amounted to 10.57 million yuan, accounting for 18.51% of revenue, which is a decrease of 33.44% year-on-year, indicating effective cost control measures [4] Cash Flow Situation - The operating cash flow per share was 0.08 yuan, reflecting a significant increase of 208.21% year-on-year, showing improvement in cash flow from operating activities [5] Asset and Liability Situation - As of the end of the reporting period, cash and cash equivalents amounted to 170 million yuan, a year-on-year increase of 229.71%; accounts receivable stood at 238 million yuan, down 1.37%; interest-bearing liabilities were 339 million yuan, an increase of 131.71% [6] Other Key Indicators - The net asset per share was 5.4 yuan, a decrease of 2.24% year-on-year, while earnings per share were 0.05 yuan, an increase of 316.67% [7] Business Model and Financing Dividends - The company's performance is primarily driven by capital expenditure and equity financing, with a total financing amount of 552 million yuan since its listing and total dividends of 39.6 million yuan, resulting in a dividend financing ratio of 0.07 [8]

近期金百泽（301041）发布2025年一季报，证券之星财报模型分析如下： 业绩概况 金百泽在2025年一季度实现营业总收入1.52亿元，同比下降0.25%。归母净利润为-242.84万元，同比下 降141.66%；扣非净利润为-306.01万元，同比下降180.99%。这表明公司在该季度出现了亏损。 截至2025年一季度末，公司应收账款为2.17亿元，同比增长14.43%，且应收账款占最新年报归母净利润 的比例高达555.68%，需特别关注应收账款的回收情况。有息负债从4142.75万元大幅减少至298.73万 元，降幅为92.79%，表明公司在降低负债方面取得了一定成效。 从盈利能力来看，公司的毛利率为21.57%，较去年同期下降了12.02%。净利率为-1.72%，同比减少了 146.01%。每股收益为-0.02元，同比减少了140.00%。这些数据显示公司在盈利能力方面遇到了挑战。 成本与费用 公司在2025年一季度的销售费用、管理费用和财务费用总计为2707.23万元，三费占营收比为17.78%， 同比增长了21.02%。这表明公司在控制成本方面面临一定压力。 尽管公司面临盈利压力，但每股经营性现金 ...

近期霍普股份（301024）发布2025年一季报，证券之星财报模型分析如下： 财务概况 近期霍普股份发布了2025年一季报。报告显示，截至本季度末，公司营业总收入为1543.87万元，同比 下降40.65%；归母净利润为-882.52万元，同比下降338.96%；扣非净利润为-960.04万元，同比下降 416.01%。 盈利能力 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率为-5.77%，同比减少120.48%；净利率 为-58.35%，同比减少586.16%。这些数据反映出公司在盈利能力上的显著下降。 单季度数据分析 从单季度数据来看，2025年第一季度营业总收入为1543.87万元，同比下降40.65%；归母净利润 为-882.52万元，同比下降338.96%；扣非净利润为-960.04万元，同比下降416.01%。 成本与费用 本报告期霍普股份三费(财务费用、销售费用和管理费用)占比上升明显，总和占总营收的比例同比增幅 达86.49%，具体为77.31%。这表明公司在费用控制方面面临较大压力。 财务健康状况 证券之星价投圈财报分析工具显示，去年的净利率为-81.16%，表明公司产品或服务的附 ...

Core Insights - The financial performance of the company in Q1 2025 shows a significant decline in revenue and profitability, indicating challenges in its business operations [2][3][6] Financial Performance Overview - The total revenue for Q1 2025 was 85.26 million yuan, a decrease of 9.6% compared to the same period last year [2] - The net profit attributable to the parent company was only 660,000 yuan, a substantial drop of 83.76% year-on-year [2] - The non-recurring net profit turned into a loss of 650,100 yuan, a decline of 147.2% year-on-year [2] Profitability Analysis - The gross margin was 29.59%, down by 27.22 percentage points from the previous year [3] - The net profit margin fell from 3.63% in the same period last year to 0.77%, a decrease of 82.04% [3] Cost and Expense Control - The proportion of operating expenses (selling, administrative, and financial expenses) relative to revenue decreased from 28.34% to 25.90%, a reduction of 8.61% [4] - However, total expenses still amounted to 22.08 million yuan, representing 25.9% of total revenue, indicating ongoing challenges in cost management [4] Cash Flow and Financial Position - The operating cash flow per share was 0.09 yuan, reflecting a year-on-year increase of 21.61%, suggesting some improvement in cash flow [5] - However, cash reserves decreased from 71.84 million yuan to 58.47 million yuan, a decline of 18.60% [5] Accounts Receivable Risk - The accounts receivable accounted for 422.06% of the net profit attributable to the parent company, with an amount of 62.07 million yuan, down by 6.71% year-on-year [6] - This high ratio may negatively impact the company's future cash flow and profitability [6] Business Model and Capital Operations - The company's performance is primarily driven by marketing, with total financing since its listing amounting to 62.02 million yuan and total dividends of 76.83 million yuan, resulting in a dividend-to-financing ratio of 1.24 [7] - Although the return on invested capital (ROIC) is average, the company's cash asset situation appears relatively healthy [7]

Revenue and Profit - The company reported total revenue of 42.1272 million yuan for Q1 2025, representing a year-on-year increase of 21.58% [1] - The net profit attributable to shareholders was 5.1263 million yuan, a year-on-year decrease of 23.98% [1] - The net profit excluding non-recurring items was 2.0886 million yuan, down 52.84% year-on-year [1] Key Financial Indicators - The company's accounts receivable significantly increased to 304 million yuan, with a year-on-year growth of 45.65% [3] - Cash and cash equivalents amounted to 284 million yuan, reflecting a year-on-year increase of 101.06% [3] Debt and Financing - The company has healthy cash assets, with interest-bearing liabilities at 52,800 yuan, an increase of 4.24% year-on-year [4] - Cumulative financing since listing totals 926 million yuan, with cumulative dividends amounting to 36.6 million yuan, resulting in a dividend-to-financing ratio of 0.04 [4] Profitability Metrics - Gross margin was 37.03%, a decrease of 12.66 percentage points year-on-year [6] - Net margin stood at 12.17%, down 37.47 percentage points year-on-year [6] - Operating expenses accounted for 17.09% of revenue, an increase of 1.86 percentage points year-on-year [6] Earnings Per Share - Earnings per share were 0.09 yuan, a decrease of 24.02% year-on-year [6] - The company reported a negative operating cash flow per share of -0.51 yuan, down 1.69 year-on-year [6] - The book value per share increased to 20.69 yuan, reflecting a year-on-year growth of 2.13% [6]

Financial Performance - In Q1 2025, the company achieved total revenue of 883 million yuan, a decrease of 3.64% year-on-year; net profit attributable to shareholders was 68.94 million yuan, down 12.37% year-on-year; and net profit after deducting non-recurring items was 63.78 million yuan, a decline of 4.52% year-on-year [1][7]. Profitability - The company's gross margin was 37.63%, a decrease of 8.74 percentage points year-on-year; net profit margin was 8.33%, down 7.99 percentage points year-on-year, indicating challenges in cost control and profit conversion [2][7]. Expense Control - Total expenditure on selling, administrative, and financial expenses was 197 million yuan, accounting for 22.32% of revenue, a decrease of 7.26 percentage points year-on-year; despite the reduction in expense ratio, the overall expense level remains high [3][7]. Asset Quality - The company's accounts receivable reached 2.629 billion yuan, representing 744.77% of the latest annual net profit attributable to shareholders, significantly higher than normal levels, which may adversely affect future cash flow [4][7]. Cash Flow Situation - The operating cash flow per share was -0.37 yuan, a decrease of 20.21% year-on-year, indicating significant cash outflow pressure in operating activities [5][7]. Financing and Dividends - Since its listing, the company has raised a total of 2.827 billion yuan and distributed a total of 758 million yuan in dividends, resulting in a dividend-to-financing ratio of 0.27, indicating a certain level of financing capability in the capital market, but a relatively low dividend ratio [6][7]. Business Model - The company's performance primarily relies on research and marketing-driven strategies; investors should pay attention to the effectiveness of these drivers and their impact on the company's long-term development [7].

财务概况 近期初灵信息（300250）发布2025年一季报，证券之星财报模型分析如下： 现金流与股东权益 每股净资产为2.42元，同比减少了12.97%。每股经营性现金流为-0元，但相比去年同期的-0.02元有所改 善，增长了80.59%。尽管如此，近3年经营性现金流均值与流动负债的比例仅为0.23%，提示投资者需 密切关注公司的现金流状况。 总结 综合以上分析，初灵信息在2025年一季度的表现不尽如人意，特别是在收入、利润以及现金流等方面存 在较大挑战。未来，公司需要采取有效措施来提升主营业务的竞争力，并优化成本控制，以改善当前的 经营状况。 成本与费用 报告期内，销售费用、管理费用和财务费用总计达到1684.72万元，占营业收入的比例为30.81%，相比 去年同期增长了21.59%。较高的三费占比进一步压缩了公司的利润空间。 资产与负债 截至报告期末，初灵信息的货币资金为2.29亿元，较去年同期减少了18.34%；应收账款为1.07亿元，同 比减少了30.39%。值得注意的是，有息负债达到了4839.35万元，同比增长了66.42%，显示出公司在债 务方面承受了一定压力。 初灵信息在2025年一季度的财务 ...

近期华亚智能（003043）发布2025年一季报，证券之星财报模型分析如下： 营收与利润 股东权益 每股净资产为17.68元，同比增长32.70%，表明公司股东权益有所增加。每股收益为0.18元，同比减少 40.00%，反映出每股盈利能力的下降。 总结 总体来看，华亚智能在2025年一季度虽然实现了营业收入的翻倍增长，但在盈利能力、成本控制等方面 面临较大挑战，尤其是三费占比的显著上升和应收账款的快速增加，需要引起重视。 本报告期内，华亚智能的三费(财务费用、销售费用和管理费用)占比上升明显，总和达到2372.01万元， 占总营收的比例从去年同期的5.76%上升至10.30%，增幅达79%。这可能对公司利润产生了一定的压 力。 盈利能力指标 公司的毛利率为27.95%，较去年同期减少了18.08个百分点；净利率为9.6%，同比减少了53.68个百分 点。这些数据显示出公司在成本控制和盈利能力方面遇到了挑战。 资产与现金流 截至本报告期末，公司的货币资金为3.39亿元，较去年同期减少40.94%；应收账款为3.28亿元，同比增 长104.59%。值得注意的是，应收账款与利润的比例达到了405.7%，需关注其回收 ...

近期天禾股份（002999）发布2025年一季报，证券之星财报模型分析如下： 财务健康度 然而，在财务健康度方面存在一些值得关注的问题。首先，尽管货币资金较去年同期增长了39.82%， 达到12.24亿元，但货币资金与流动负债的比例仅为23.19%，显示出一定的流动性风险。其次，有息负 债减少了8.17%，降至24.56亿元，但有息资产负债率仍高达20.31%。此外，近3年的经营性现金流均为 负数，且近3年经营性现金流均值与流动负债的比例为-3.03%，表明公司可能存在持续的现金流压力。 应收账款情况 应收账款方面，虽然金额仅小幅增长至6.57亿元，但其相对于利润的比例非常高，达到了2954.68%，这 意味着公司可能面临较大的坏账风险以及资金回收的压力。 经营业绩 天禾股份在2025年一季度实现了营业总收入39.34亿元，同比上升21.59%；归母净利润达到1426.42万 元，同比大幅增长107.32%；扣非净利润为1271.76万元，同比增长129.76%。这表明公司在报告期内的 盈利能力有了显著提升。 盈利能力 综上所述，天禾股份在2025年一季度展现了较强的盈利增长势头，但在现金流管理和债务水平上仍 ...