CEI(SH:688128) Zheng Quan Zhi Xing·2025-08-22 23:19Core Insights - China Electric Research (688128) reported a total revenue of 2.329 billion yuan for the first half of 2025, representing a year-on-year increase of 12.88% [1] - The net profit attributable to shareholders reached 258 million yuan, up 31.28% year-on-year [1] - The company has a significant accounts receivable issue, with accounts receivable amounting to 270.66% of the latest annual net profit [1] Financial Performance - Total revenue for 2025 H1: 2.329 billion yuan, up from 2.063 billion yuan in 2024 H1 [1] - Net profit for 2025 H1: 258 million yuan, compared to 197 million yuan in 2024 H1 [1] - Gross margin: 32.85%, down 1.53% year-on-year; net margin: 11.11%, up 16.41% year-on-year [1] - Total operating expenses: 303 million yuan, accounting for 13.0% of revenue, down 7.8% year-on-year [1] - Earnings per share: 0.64 yuan, up 30.61% year-on-year [1] Cash Flow and Assets - Operating cash flow per share: 0.65 yuan, a significant increase of 244.15% year-on-year [1] - Cash and cash equivalents increased by 94.67% to 830 million yuan [1] - Accounts receivable decreased by 3.16% to 1.264 billion yuan [1] - Interest-bearing debt rose by 166.36% to 95.935 million yuan [1] Business Evaluation - The company's return on invested capital (ROIC) was 13.91%, indicating strong capital returns [3] - The net profit margin was 10.4%, suggesting average value addition from products or services [3] - The business model is primarily driven by research and development [3] Market Trends and Future Outlook - The lithium battery equipment sector is expected to grow due to increasing demand from electric vehicles and energy storage [4] - The production of power and other batteries in China reached 697.3 GWh in the first half of 2025, a year-on-year increase of 60.4% [4] - New national standards for electric vehicle batteries are anticipated to accelerate industry transformation and drive demand for new equipment [4]