GUILIN FUDA (SH:603166) Zheng Quan Zhi Xing·2025-08-12 22:39Core Insights - Fuda Co., Ltd. reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 937 million yuan, up 30.26% year-on-year, and net profit attributable to shareholders at 146 million yuan, up 98.77% [1] Financial Performance - The company's gross margin improved by 20.33% year-on-year, reaching 27.8%, while the net profit margin increased by 52.59% to 15.61% [1] - Total expenses (selling, administrative, and financial) amounted to 59.03 million yuan, accounting for 6.3% of revenue, a decrease of 15.87% year-on-year [1] - Earnings per share rose to 0.23 yuan, reflecting a 91.67% increase year-on-year [1] Changes in Financial Items - Other current assets increased by 119.74% due to higher equipment purchases and increased deductible input tax [2] - Construction in progress rose by 108.68% as a result of accelerated projects in the new energy sector [2] - Contract liabilities decreased by 37.19% due to a reduction in the balance of customer prepayments [3] - Long-term borrowings increased by 69.19% due to loans for ongoing construction projects [4] Revenue and Cost Analysis - Revenue growth of 30.26% was primarily driven by increased demand for passenger car crankshafts, particularly hybrid crankshafts [5] - Operating costs rose by 22.31%, attributed to the increase in revenue [6] Expense Breakdown - Selling expenses increased by 14.12% due to higher warehousing costs [7] - Administrative expenses rose by 22.56% due to increased stock incentive costs [7] - Financial expenses decreased by 32.99% as a result of reclassifying discount expenses to investment income [7] - Research and development expenses increased by 26.4% due to higher project spending [7] Cash Flow and Investment - Net cash flow from operating activities surged by 81.28% due to increased revenue collections and higher bank acceptance bill discounts [7] - Net cash flow from investing activities decreased by 85.5% due to increased fixed asset purchases [7] - Net cash flow from financing activities increased by 32.27% due to new long-term bank loans [7] Business Model and Future Outlook - The company's performance is heavily reliant on capital expenditures, necessitating careful evaluation of the profitability of these projects [8] - Analysts project a 2025 performance of 317 million yuan, with an average earnings per share estimate of 0.49 yuan [8] Fund Holdings - Notable funds holding Fuda shares include Qianhai Kaiyuan Jiaxin Mixed A and Hai Futong Stock Mixed, both of which have recently entered the top ten holdings [9] - The largest fund holding is Qianhai Kaiyuan Jiaxin Mixed A, with a scale of 300 million yuan and a recent net value increase of 0.52% [10]