圣晖集成2025年中报简析：营收净利润同比双双增长，公司应收账款体量较大

Core Viewpoint - Shenghui Integrated (603163) reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 1.295 billion yuan, up 39.04% year-on-year, and net profit attributable to shareholders at 62.4643 million yuan, up 9.63% year-on-year [1] Financial Performance - Total revenue for the second quarter of 2025 was 720 million yuan, reflecting a year-on-year increase of 24.58 [1] - The net profit for the second quarter was 33.513 million yuan, showing a year-on-year decline of 14.45% [1] - The gross profit margin decreased to 9.95%, down 26.15% year-on-year, while the net profit margin fell to 5.13%, down 15.96% year-on-year [1] - Total operating expenses (selling, administrative, and financial expenses) amounted to 21.5263 million yuan, accounting for 1.66% of revenue, a decrease of 49.51% year-on-year [1] Key Financial Metrics - Earnings per share (EPS) increased to 0.62 yuan, up 8.77% year-on-year [1] - Operating cash flow per share improved significantly to 1.06 yuan, up 211.46% year-on-year [1] - The company's receivables were notably high, with accounts receivable accounting for 459% of the latest annual net profit [1] Changes in Financial Items - The company reported a 100% decrease in trading financial assets, attributed to no structured deposits at the end of the period [3] - Accounts receivable increased by 44.96%, driven by a higher volume of executed projects [3] - Inventory surged by 157.16%, due to significant stockpiling for ongoing projects [3] - Short-term borrowings rose by 122.07%, reflecting increased bank loans from subsidiaries in Malaysia and Thailand [3] Investment and Returns - The company's return on invested capital (ROIC) for the previous year was 9.77%, indicating average capital returns [5] - Historical data shows a median ROIC of 23.63% since the company went public, suggesting strong investment returns over time [5] - Analysts project a performance of 134 million yuan for 2025, with an average EPS forecast of 1.34 yuan [5]