NORINCO International(000065)2025-05-12 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company reported a revenue of 3.65 billion yuan in Q1 2025, a year-on-year decrease of 27.22%. The net profit attributable to shareholders was 177 million yuan, down 32.97% year-on-year. The net profit after deducting non-recurring items was 175 million yuan, a decrease of 32.45% year-on-year [2][8]. Summary by Sections Financial Performance - In Q1 2025, the company's comprehensive gross margin was 13.03%, an increase of 3.41 percentage points year-on-year. However, the net profit margin decreased to 4.85%, down 0.42 percentage points year-on-year, while the net profit margin after deducting non-recurring items was 4.80%, a decrease of 0.37 percentage points year-on-year [13]. Cash Flow and Financial Health - The net cash inflow from operating activities was 334 million yuan, a decrease of 50 million yuan year-on-year. The cash collection ratio improved to 91.27%, up 2.11 percentage points year-on-year. The asset-liability ratio decreased by 3.41 percentage points year-on-year to 57.23% [13]. Project Progress and Orders - The company signed new projects worth 15.24 million USD in Q1 2025, a decline of 39.75% year-on-year. Key operational highlights include mining volume of 11.13 million cubic meters in Mongolia, 1.23 billion kWh generated from the Croatian wind project, and 4.16 billion kWh from the Laos hydropower project in 2024 [13].