苏奥传感2025年中报简析：增收不增利，应收账款上升

Core Viewpoint - Suoao Sensor (300507) reported a significant increase in revenue but a decline in net profit for the first half of 2025, indicating mixed financial performance [1][2]. Financial Performance Summary - Total revenue reached 1.104 billion yuan, a year-on-year increase of 99.21% [1]. - Net profit attributable to shareholders was 57.2446 million yuan, a year-on-year decrease of 9.12% [1]. - In Q2 alone, total revenue was 540 million yuan, up 73.67% year-on-year, while net profit was 28.9446 million yuan, down 16.98% year-on-year [1]. Key Financial Metrics - Gross margin was 16.13%, down 32.51% year-on-year [1]. - Net margin was 7.26%, down 52.21% year-on-year [1]. - Total selling, administrative, and financial expenses amounted to 66.9278 million yuan, accounting for 6.06% of revenue, a decrease of 39.34% year-on-year [1]. - Earnings per share (EPS) was 0.07 yuan, a decrease of 12.5% year-on-year [1]. Changes in Financial Items - Revenue and cost changes were primarily due to the consolidation of Boinel [2][3]. - Operating cash flow increased significantly by 36,041.56%, attributed to Boinel's consolidation [3]. - Research and development expenses rose by 103.95%, also due to Boinel's consolidation [3]. Business Evaluation - The company's return on invested capital (ROIC) was 7.28%, indicating average capital returns [4]. - Historical median ROIC since listing was 16.13%, suggesting better investment returns in the past [4]. - The company's cash assets are considered healthy, but attention is needed on cash flow and accounts receivable [4]. Debt Servicing Capability - The cash flow situation is a concern, with cash assets to current liabilities ratio at 91.15% and average operating cash flow to current liabilities at 13.09% over the past three years [4]. - Accounts receivable have reached 715.69% of profit, indicating potential liquidity issues [4].