KDL(SZ:002850) Zheng Quan Zhi Xing·2025-08-16 23:05Core Viewpoint - The recent financial report of Keda Li (002850) shows strong revenue and profit growth, but an increase in accounts receivable raises concerns about cash flow management [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 6.645 billion yuan, a year-on-year increase of 22.01% [1] - Net profit attributable to shareholders was 769 million yuan, up 18.72% year-on-year [1] - In Q2 2025, total revenue was 3.623 billion yuan, reflecting a 23.34% increase compared to the same quarter last year [1] - The gross profit margin was 22.87%, a decrease of 0.83% year-on-year, while the net profit margin was 11.52%, down 2.99% year-on-year [1] - Accounts receivable increased significantly by 49.97% year-on-year, reaching 4.093 billion yuan [1] Cost and Efficiency - Total selling, administrative, and financial expenses amounted to 267 million yuan, accounting for 4.02% of revenue, a decrease of 10.26% year-on-year [1] - The company reported a decrease in operating cash flow per share to 5.24 yuan, down 26.19% year-on-year [1] Investment and Market Position - The company has a historical Return on Invested Capital (ROIC) of 12.21%, indicating strong capital returns [3] - The company is focusing on capital expenditures and needs to monitor the effectiveness of these investments [3] - The company is currently expanding its production capacity and optimizing its strategic planning in response to market demands [6][7] Future Outlook - The company anticipates steady growth driven by increasing downstream demand and expanding overseas markets [9] - The solid-state battery sector is still developing, with the company establishing partnerships to support production based on customer needs [10] - The company is exploring opportunities in the humanoid robot market, aiming to provide comprehensive solutions through innovation and technology investment [11] Fund Management - Keda Li is held by notable fund managers, with increased holdings from the top fund manager Zhao Yi of Quanguo Fund [4][5] - The largest fund holding Keda Li is Quanguo Xuyuan Mixed Fund, which has seen significant growth in its net value over the past year [5]