源杰科技2025年一季报简析：营收净利润同比双双增长，三费占比上升明显

Core Insights - Source Technology (688498) reported a total revenue of 84.40 million yuan for Q1 2025, representing a year-on-year increase of 40.52% [1] - The net profit attributable to shareholders reached 14.32 million yuan, up 35.93% year-on-year [1] - The company's gross margin improved to 44.64%, an increase of 28.14% compared to the previous year, while the net margin decreased to 16.97%, down 3.27% year-on-year [1] Financial Performance - Total revenue for Q1 2025 was 84.40 million yuan, compared to 60.06 million yuan in Q1 2024, marking a 40.52% increase [1] - Net profit attributable to shareholders was 14.32 million yuan, up from 10.53 million yuan in the same quarter last year, a growth of 35.93% [1] - The company's operating cash flow per share was -0.06 yuan, a significant decrease of 124.24% year-on-year [1] Cost Structure - The total of financial, sales, and administrative expenses reached 8.89 million yuan, accounting for 10.54% of total revenue, which is a 151.04% increase year-on-year [1] - The gross margin was reported at 44.64%, while the net margin was 16.97%, indicating a decline in profitability despite higher revenue [1] Asset and Liability Management - Cash and cash equivalents stood at 1.09 billion yuan, showing a slight decrease of 0.89% year-on-year [1] - Accounts receivable increased to 131 million yuan, up 13.22% from the previous year [1] - Interest-bearing liabilities rose significantly to 1.57 million yuan, an increase of 68.27% year-on-year [1] Market Position and Future Outlook - Analysts expect the company's performance in 2025 to reach 115 million yuan, with an average earnings per share forecast of 1.33 yuan [3] - The company has raised a total of 1.51 billion yuan since its listing, with cumulative dividends amounting to 56.48 million yuan, indicating a low dividend financing ratio of 0.04 [3]