LK(600388) 新浪财经·2025-04-16 10:26Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, influenced by the timing of environmental engineering contract confirmations, despite an increase in new orders and a rise in gross margin [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 1.966 billion yuan, a year-on-year decrease of 13.69% - The net profit attributable to shareholders was 185 million yuan, down 6.95% year-on-year - The net profit excluding non-recurring items was 172 million yuan, showing a slight increase of 0.5% year-on-year - The weighted average ROE decreased by 0.74 percentage points to 1.8% [1][2]. Order and Contract Status - The company secured new environmental engineering contracts worth 2.625 billion yuan in Q1 2025, representing a year-on-year growth of 13.59% - As of March 31, 2025, the total backlog of environmental engineering contracts stood at 19.421 billion yuan, up from 18.739 billion yuan at the end of 2024 [1][2]. Cost Management - The gross margin for Q1 2025 was 25.49%, an increase of 3.22 percentage points year-on-year - Period expenses decreased by 3.25% to 281 million yuan, with a period expense ratio rising by 1.54 percentage points to 14.3% - Specific changes in expenses included a 7.51% decrease in sales expenses, a 1.02% increase in management expenses, a 13.92% increase in R&D expenses, and a 55.82% decrease in financial expenses [2]. Cash Flow and Investment - The net cash flow from operating activities was -137 million yuan, compared to 36 million yuan in the same period of 2024 - The net cash flow from investing activities was -214 million yuan, an improvement from -879 million yuan in 2024 - The net cash flow from financing activities was 137 million yuan, down from 747 million yuan in 2024 [2]. Business Expansion - The company is accelerating the construction and operation of green mining projects, with significant projects completed in Tibet, Xinjiang, Serbia, and Guyana - As of December 31, 2024, the total installed capacity of the company's projects exceeded 1 GW [2][3]. - The energy storage business is also progressing, with contracts for energy storage systems and equipment sales amounting to 1.361 billion yuan as of March 31, 2025 [3]. Profit Forecast - The company maintains its profit forecast for 2025-2027, estimating net profits of 1.23 billion yuan, 1.53 billion yuan, and 1.75 billion yuan respectively - The projected price-to-earnings ratios for 2025-2027 are 12x, 10x, and 8x [3].