江苏神通2025年中报简析：营收净利润同比双双增长，盈利能力上升

Core Viewpoint - Jiangsu Shentong (002438) reported a slight increase in revenue and net profit for the first half of 2025, indicating stable financial performance despite some fluctuations in cash and receivables [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 1.068 billion yuan, a year-on-year increase of 1.52% - Net profit attributable to shareholders was 150 million yuan, up 4.72% year-on-year - In Q2 2025, revenue was 491 million yuan, reflecting a 1.9% increase year-on-year, while net profit was approximately 60.89 million yuan, up 1.61% year-on-year [1][3]. Profitability Metrics - Gross margin improved to 32.33%, an increase of 2.39% year-on-year - Net margin rose to 13.88%, up 1.93% year-on-year - Total selling, administrative, and financial expenses amounted to 119 million yuan, accounting for 11.18% of revenue, a decrease of 4.29% year-on-year [1][3]. Key Financial Ratios - Earnings per share (EPS) increased to 0.30 yuan, a rise of 4.7% year-on-year - Net asset value per share was 7.07 yuan, up 7.38% year-on-year - Operating cash flow per share improved to -0.07 yuan, a significant increase of 41.15% year-on-year [1][3]. Cash Flow and Investment Activities - Cash and cash equivalents decreased by 40.47% due to cash dividend distribution and bank loan repayments - Investment activities generated a net cash flow increase of 255.08%, attributed to the recovery of investment funds from a partnership [3][4]. - The net increase in cash and cash equivalents was up 32.87%, driven by improved cash flow from investment activities [3]. Business Model and Market Position - The company's return on invested capital (ROIC) was 7.11%, indicating a historically average capital return rate - The business model relies heavily on capital expenditures, necessitating careful evaluation of capital projects [4][5]. - Analysts project a 2025 net profit of 352 million yuan, with an average EPS forecast of 0.69 yuan [5]. Fund Holdings - The largest fund holding Jiangsu Shentong is the Shenwan Lingshin Global New Energy Equity Fund, which holds 195,700 shares and has shown a 13.28% increase over the past year [6]. Industry Insights - The replacement cycle for nuclear valves can last up to 60 years, but regular maintenance is essential due to environmental factors - Metallurgical valves typically require maintenance every 2 to 3 years due to operational conditions [7].