卓胜微2025年中报简析：净利润同比下降141.59%，公司应收账款体量较大

Core Viewpoint - The recent financial report of ZTE Microelectronics (卓胜微) for the first half of 2025 shows significant declines in revenue and net profit, indicating financial distress and challenges in operational performance [1]. Financial Performance - Total revenue for the first half of 2025 was 1.704 billion yuan, a decrease of 25.42% year-on-year [1]. - The net profit attributable to shareholders was -147 million yuan, down 141.59% compared to the previous year [1]. - In Q2 2025, total revenue was 948 million yuan, a decline of 13.43% year-on-year, with a net profit of -101 million yuan, reflecting a 164.35% decrease [1]. - Gross margin was 28.75%, down 31.73% year-on-year, while net margin was -8.68%, a drop of 156.18% [1]. - Total operating expenses (sales, management, and financial expenses) amounted to 131 million yuan, accounting for 7.69% of revenue, an increase of 52.9% year-on-year [1]. - The company reported a significant increase in accounts receivable, which reached 627 million yuan, representing 155.95% of the latest annual net profit [1]. Cash Flow and Debt - Operating cash flow per share was 0.48 yuan, an increase of 188.95% year-on-year, indicating improved cash generation despite losses [1]. - The company’s interest-bearing debt rose to 2.532 billion yuan, a 56.74% increase compared to the previous year [1]. - The net cash flow from operating activities increased by 189.01% due to reduced inventory [3]. Business Outlook - The company is focusing on improving its production capabilities, particularly with the ramp-up of its 12-inch production line, which is expected to enhance performance in the future [8]. - The long-term outlook suggests that the company has developed comprehensive solutions for RF front-end products, which could strengthen its competitive position in the market [8]. Investment Sentiment - Analysts project that the company's performance for 2025 will yield a net profit of 392 million yuan, with an average earnings per share of 0.73 yuan [6]. - The largest fund holding ZTE Microelectronics is Wan Jia Growth Mixed Fund, which has maintained its position, reflecting investor confidence despite recent performance challenges [7].