仕佳光子2025年中报简析：营收净利润同比双双增长，应收账款上升

Core Insights - The company Shijia Photon (688313) reported significant growth in its 2025 mid-year financial results, with total revenue reaching 993 million yuan, a year-on-year increase of 121.12%, and net profit attributable to shareholders at 217 million yuan, up 1712.0% [1] Financial Performance - Total revenue for Q2 2025 was 556 million yuan, reflecting a 121.55% increase year-on-year [1] - Net profit for Q2 2025 was 123 million yuan, showing a staggering year-on-year increase of 3414.06% [1] - The gross profit margin improved to 37.38%, up 56.96% year-on-year, while the net profit margin surged to 21.83%, an increase of 719.47% [1] - The company’s total expenses (sales, management, and financial) amounted to 65.87 million yuan, accounting for 6.64% of revenue, a decrease of 25.51% year-on-year [1] - Earnings per share reached 0.48 yuan, a remarkable increase of 1715.53% year-on-year [1] Accounts Receivable and Cash Flow - Accounts receivable increased by 70.86% year-on-year, reaching 503 million yuan [1] - Operating cash flow per share improved to 0.02 yuan, a year-on-year increase of 158.09% [1] - The company’s cash flow situation showed a significant turnaround in Q2, with net cash flow from operating activities at approximately 11.16 million yuan, compared to a negative cash flow in Q1 [5] Investment and Capital Expenditure - The company made a substantial investment of 147 million yuan in the Henan Hongqi Optoelectronic Industry Fund, leading to a 16131.76% increase in long-term equity investments [3] - Short-term borrowings surged by 1905.29%, indicating increased funding needs to support expanded operations [4] Market Position and Future Outlook - The company’s performance is driven by the rapid growth of the data communication market, particularly in artificial intelligence applications, which has led to increased orders for optical chips and related products [4] - Analysts expect the company’s performance in 2025 to reach 377 million yuan, with an average earnings per share forecast of 0.82 yuan [9] Fund Holdings - The company is held by several funds, with the largest being the Caitong Value Momentum Mixed A fund, which has a scale of 1.987 billion yuan and has shown a 39.13% increase over the past year [10]