科德数控2025年中报简析：营收净利润同比双双增长，应收账款上升

Core Viewpoint - The recent financial report of Kede CNC (688305) shows a mixed performance with a revenue increase but declining profit margins and rising accounts receivable [1] Financial Performance - Total revenue for the first half of 2025 reached 295 million yuan, a year-on-year increase of 15.24% [1] - Net profit attributable to shareholders was 49.06 million yuan, up 1.27% year-on-year [1] - In Q2 2025, total revenue was 164 million yuan, a 5.97% increase year-on-year, while net profit decreased by 16.25% to 27.95 million yuan [1] - Gross margin was 38.67%, down 9.19% year-on-year, and net margin was 16.64%, down 11.98% year-on-year [1] - Accounts receivable increased significantly by 63.36% year-on-year, reaching 227 million yuan [1] Key Financial Metrics - Earnings per share (EPS) decreased by 9.18% to 0.46 yuan [1] - Operating cash flow per share increased dramatically by 730.72% to 1.24 yuan [1] - Total expenses (selling, administrative, and financial) amounted to 40.96 million yuan, accounting for 13.9% of revenue, a slight decrease of 0.18% year-on-year [1] Changes in Financial Items - Trading financial assets increased by 66.17% due to higher purchases of structured deposits [3] - Accounts receivable financing surged by 138.02% as the company held more high-rated bank acceptance bills [3] - Contract liabilities rose by 98.5% due to increased sales contract prepayments [3] Business Model and Market Position - The company's performance is primarily driven by capital expenditures, necessitating careful evaluation of capital projects [5] - The company has a high degree of autonomy in its core technology, achieving an 85% self-sufficiency rate in key components [6] - The five-axis CNC machine tools produced by the company are widely used in various high-precision industries, indicating strong market demand [6] Investment Insights - Analysts expect the company's performance in 2025 to reach 139 million yuan, with an average EPS forecast of 1.14 yuan [5] - The company’s return on invested capital (ROIC) was 8.51%, indicating average capital returns [4]