阿特斯2025年中报简析：净利润同比下降41.01%，公司应收账款体量较大

Core Insights - The company reported a total revenue of 21.052 billion yuan for the first half of 2025, a decrease of 4.13% year-on-year, and a net profit attributable to shareholders of 731 million yuan, down 41.01% year-on-year [1] - The second quarter showed a slight improvement with a revenue of 12.467 billion yuan, up 0.85% year-on-year, and a net profit of 684 million yuan, up 3.51% year-on-year [1] - The company's accounts receivable were notably high, with accounts receivable amounting to 373.7% of the net profit attributable to shareholders [1] Financial Performance - Revenue and Profitability: Total revenue decreased by 4.13% from 2024 to 2025, while net profit fell by 41.01% [1] - Margins: Gross margin was 12.51%, down 20.72% year-on-year, and net margin was 3.51%, down 36.68% year-on-year [1] - Expenses: Total selling, administrative, and financial expenses reached 1.498 billion yuan, accounting for 7.12% of revenue, an increase of 28.15% year-on-year [1] Cash Flow and Assets - Cash Flow: Operating cash flow per share increased by 157.95% to 1.03 yuan, indicating improved cash generation [1] - Accounts Receivable: Accounts receivable increased by 11.16% to 8.398 billion yuan, reflecting a significant collection period [1][2] - Inventory: Inventory increased by 5.91%, driven by growth in energy storage business inventory [4] Debt and Liabilities - Interest-Bearing Debt: Interest-bearing liabilities rose by 35.13% to 17.821 billion yuan, indicating increased leverage [1] - Contract Liabilities: Contract liabilities increased by 9.86%, reflecting higher prepayments related to energy storage sales [7] - Long-term Borrowings: Long-term borrowings increased by 8.98%, primarily for capacity expansion [9] Business Model and Market Position - Return on Invested Capital (ROIC): The company's ROIC was 6.38%, indicating average capital returns, with historical median ROIC at 11.63% [15] - Revenue Drivers: The company's performance is heavily reliant on capital expenditures, necessitating careful evaluation of capital projects [15] Fund Holdings - The largest fund holding the company is the Jianxin Shanghai Stock Exchange Intelligent Selection Sci-Tech Innovation Value ETF, with 3.1202 million shares [17]