ZHENHUA(000733) 证券之星·2025-04-24 22:15Core Viewpoint - The recent financial report of Zhenhua Technology (000733) indicates a significant decline in both revenue and net profit for Q1 2025 compared to the same period in 2024, raising concerns about the company's financial health and operational efficiency [1]. Financial Performance - Total revenue for Q1 2025 was 908 million yuan, a decrease of 10.45% year-on-year from 1.014 billion yuan in Q1 2024 [1]. - The net profit attributable to shareholders for Q1 2025 was 58.51 million yuan, down 42.6% from 102 million yuan in Q1 2024 [1]. - The gross profit margin decreased to 42.49%, down 10.66% year-on-year, while the net profit margin fell to 6.45%, a decline of 35.84% [1]. - The company's operating cash flow per share was -0.05 yuan, a significant drop of 121.51% compared to 0.25 yuan in the previous year [1]. Accounts Receivable and Debt - The accounts receivable amount was substantial, with accounts receivable to net profit ratio reaching 501.59%, indicating potential liquidity issues [1][3]. - Interest-bearing liabilities decreased to 1.124 billion yuan, down 16.69% from 1.349 billion yuan in the previous year [1]. Market Position and Analyst Expectations - Analysts expect Zhenhua Technology's performance for 2025 to reach 1.134 billion yuan in revenue, with an average earnings per share of 2.05 yuan [3]. - The company has a healthy cash asset position, with total cash assets reported at 3.132 billion yuan, an increase of 20.23% year-on-year [1][3]. Fund Holdings - The largest fund holding Zhenhua Technology is the E Fund National Defense and Military Industry Mixed A, which has increased its position [4]. - Other funds have shown varied interest, with some increasing their holdings while others have reduced their positions [4]. Order Situation - The company reported a growth trend in new orders, indicating a positive outlook for future production and delivery [5].