JOUDER PRECISION(SZ:300549) Zheng Quan Zhi Xing·2025-08-22 23:20Core Viewpoint - The financial performance of Youde Precision (300549) shows mixed results, with an increase in total revenue and net profit year-on-year, but a decline in quarterly performance and significant accounts receivable issues [1][4]. Financial Performance Summary - Total revenue for the reporting period reached 166 million yuan, a year-on-year increase of 6.83% [1] - Net profit attributable to shareholders was 4.62 million yuan, up 11.28% year-on-year [1] - In Q2, total revenue was 82.36 million yuan, a decrease of 3.87% year-on-year [1] - Q2 net profit attributable to shareholders was 1.37 million yuan, down 64.31% year-on-year [1] - Accounts receivable accounted for 1191.09% of the latest annual net profit [1] Profitability Metrics - Gross margin was 27.06%, a decrease of 2.68% year-on-year [1] - Net margin was 2.79%, an increase of 4.17% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 30.55 million yuan, representing 18.44% of revenue, a decrease of 5.84% year-on-year [1] - Earnings per share were 0.03 yuan, an increase of 11.25% year-on-year [1] Cash Flow Analysis - Operating cash flow per share was 0.0 yuan, a decrease of 99.03% year-on-year [1] - Significant changes in cash flow components include: - Operating cash flow decreased due to increased cash payments for goods and services [3] - Investment cash flow increased by 36.26% due to cash recovered from investments [3] - Financing cash flow increased by 129.98% due to increased cash from borrowings [3] - Net increase in cash and cash equivalents rose by 102.84% [3] Business Evaluation - The company's return on invested capital (ROIC) was 2.31%, indicating weak capital returns [4] - Historical median ROIC since listing is 10.69%, with the worst year being 2024 [4] - The business model relies heavily on research and marketing, necessitating further investigation into these drivers [4] - The accounts receivable situation is a significant concern, with accounts receivable to profit ratio reaching 1191.09% [4]