China Securities Intelligent Financial News Guobo Electronics (688375) disclosed its first quarter report for 2025 on April 18. The company achieved a total operating income of 350 million yuan, a year-on-year decrease of 49.51%; the net profit attributable to the parent company was 57.5314 million yuan, a year-on-year decrease of 52.37%; deducted non-net profit of 57.4609 million yuan, a year-on-year decrease of 51.47%; Net cash flow from operating activities was -201 million yuan, compared with -241 million yuan in the same period last year, and during the reporting period, the basic earnings per share of Guobo Electronics was 0.1 yuan, and the weighted average return on equity was 0.93%.

Based on the closing price on April 17, Guobo Electronics currently has a price-to-earnings ratio (TTM) of about 70.48 times, a price-to-book ratio (LF) of about 4.76 times, and a price-to-sales ratio (TTM) of about 13.21 times.

According to the data, the company's main source phased array T/R components, RF modules, RF amplification chips, RF control chips, etc.

In terms of profitability, the company's weighted average return on equity in the first quarter of 2025 was 0.93%, down 1.06 percentage points year-on-year. The company's return on invested capital in the first quarter of 2025 was 0.82%, down 1.03 percentage points from the same period last year.

As of the end of the first quarter of 2025, the company's net cash flow from operating activities was -201 million yuan, an increase of 39.8967 million yuan year-on-year, net cash flow from financing activities was -20,300 yuan, basically unchanged from the same period last year, and net cash flow from investment activities was -210 million yuan, compared with 50.8503 million yuan in the same period last year.

In terms of major changes in assets, as of the end of the first quarter of 2025, the company's monetary funds decreased by 17.5% from the end of the previous year, accounting for 3.91 percentage points of the company's total assets, fixed assets increased by 4.08% from the end of the previous year, accounting for 1.64 percentage points of the company's total assets, and the total trading financial assets accounted for 1.58% of the company's total assets, compared with 0 at the end of the previous year. Inventories increased by 35.12% from the end of the previous year, accounting for 1.35 percentage points of the company's total assets.

In terms of major changes in liabilities, as of the end of the first quarter of 2025, the company's notes payable and accounts payable decreased by 20.95% from the end of the previous year, accounting for 3.16 percentage points of the company's total assets, the compensation payable to employees decreased by 78.19% from the end of the previous year, and the proportion of the company's total assets decreased by 1.3 percentage points, the taxes payable decreased by 77.05% from the end of the previous year, and the proportion of the company's total assets decreased by 0.38 percentage points, and the lease liabilities increased by 1.46% from the end of the previous year. The proportion of the company's total assets increased by 0.05 percentage points.

For the first quarter of 2025, the company has a current ratio of 4.41 and a quick ratio of 4.14.

According to the first quarterly report, among the top ten circulating shareholders of the company at the end of the first quarter of 2025, the new shareholder is CETC Investment Holdings Co., Ltd., replacing the Hong Kong Securities Clearing Co., Ltd. at the end of the previous year. In terms of specific shareholding ratios, Nanjing Xinrui Equity Investment Partnership (Limited Partnership), Gongqingcheng Zhonghui Keyuan Investment Partnership (Limited Partnership), Huaxia Military Security Flexible Allocation Hybrid Securities Investment Fund, Guangzhou Yuebo Electronic Technology Co., Ltd., ChinaAMC SSE Science and Technology Innovation Board 50 Component Exchange-traded Open-ended Index Securities Investment Fund, E Fund SSE Science and Technology Innovation Board 50 Component Exchange-traded Open-ended Index Securities Investment Fund, and Great Wall Jiujia Innovation and Growth Flexible Allocation Hybrid Securities Investment Fund have declined.

Proofreading: Shen Nan

Indicator Annotation:

P/E ratio = total market capitalization / net profit. When the company loses money, the P/E ratio is negative, and it is not practical to use the P/E ratio for valuation, and the P/B ratio or P/B ratio is often used as a reference.

Price-to-book ratio = total market capitalization / net assets. The price-to-book ratio valuation method is mostly used for companies with large fluctuations in earnings and relatively stable net assets.

Price-to-sales ratio = total market capitalization / operating income. The price-to-sales ratio method is often used for growing companies that are losing money or making small profits.

The price-to-earnings ratio and price-to-sales ratio in this article are calculated using the TTM method, that is, the data for the 12 months up to the latest financial report (including forecast). The price-to-book ratio is calculated using the LF method, that is, based on the latest financial report data. The quantile calculation range of the three is from the company's listing to the latest announcement date.

When the P/E ratio and price-to-book ratio are negative, the current quantile is not displayed, which will cause the line chart to be interrupted.