圣晖集成：2025年中报显示营收增长强劲但需关注应收账款风险

Core Insights - The company reported a total revenue of 1.295 billion yuan for the first half of 2025, representing a year-on-year increase of 39.04% [1] - The net profit attributable to shareholders was 62.4643 million yuan, up 9.63% year-on-year, while the net profit after deducting non-recurring gains and losses was 62.6758 million yuan, an increase of 9.93% year-on-year [1] - However, the second quarter saw a decline in net profit attributable to shareholders, which was 33.513 million yuan, down 14.45% year-on-year, indicating volatility in quarterly performance [1] Financial Performance - The gross profit margin was 9.95%, a decrease of 26.15% year-on-year, while the net profit margin was 5.13%, down 15.96% year-on-year [6] - Earnings per share increased by 8.77% to 0.62 yuan, and net assets per share rose by 4.34% to 10.94 yuan [6] - Operating cash flow per share saw a significant increase of 211.46%, reaching 1.06 yuan [6] Cost and Expense Control - The ratio of three expenses to revenue was 1.66%, a decrease of 49.51% year-on-year, indicating improved cost control [3] Revenue Composition - The main business revenue was derived from cleanroom engineering, accounting for 64.36% of total revenue with a gross margin of 9.03% [6] - Other electromechanical installation projects contributed 31.78% of total revenue with a gross margin of 10.44% [6] - Equipment sales made up 3.74% of total revenue with a gross margin of 19.80% [6] Accounts Receivable Risk - The accounts receivable amounted to 525 million yuan, which is 459% of the latest annual net profit, indicating a significant amount that requires attention regarding its collection [4]