longda(688231) 证券之星·2025-04-26 22:29Core Viewpoint - Longda Co., Ltd. (688231) reported a year-on-year increase in total revenue and net profit for Q1 2025, but also showed concerning trends in accounts receivable and cash flow metrics [1][3]. Financial Performance - Total revenue for Q1 2025 reached 344 million yuan, an increase of 8.67% compared to Q1 2024 [1]. - Net profit attributable to shareholders was 28.54 million yuan, up 3.2% year-on-year [1]. - Gross margin improved to 15.62%, reflecting a year-on-year increase of 6.33% [1]. - Net margin decreased to 8.3%, down 5.22% from the previous year [1]. - Earnings per share rose to 0.12 yuan, a 9.09% increase year-on-year [1]. Accounts Receivable and Cash Flow - Accounts receivable increased significantly, with a year-on-year growth of 35.64%, reaching 632 million yuan [1]. - Operating cash flow per share was -0.42 yuan, a drastic decline of 192.96% compared to the previous year [1]. - The ratio of cash and cash equivalents to current liabilities was only 36.03%, indicating potential liquidity issues [3]. Cost Structure and Expenses - Total selling, administrative, and financial expenses amounted to 21.23 million yuan, representing 6.17% of revenue, which is a 31.17% increase year-on-year [1]. - The company’s return on invested capital (ROIC) was reported at 1.73%, indicating weak capital efficiency [3]. Financing and Dividends - Since its listing, the company has raised a total of 2.412 billion yuan and distributed 160 million yuan in dividends, resulting in a dividend-to-financing ratio of 0.07 [3]. - The company’s reliance on research and development, equity financing, and capital expenditures is critical, necessitating careful evaluation of these investments [3].