理工能科2025年中报简析：增收不增利，公司应收账款体量较大

Core Insights - The company reported a total revenue of 408 million yuan for the first half of 2025, representing a year-on-year increase of 0.7%, while the net profit attributable to shareholders decreased by 22.9% to 110 million yuan [1] - The second quarter revenue was 249 million yuan, up 4.19% year-on-year, but the net profit for the same period fell by 23.81% to approximately 77.41 million yuan [1] - The company's accounts receivable reached 492 million yuan, accounting for 177.45% of the net profit, indicating a significant level of outstanding payments [1][5] Financial Performance - Gross margin stood at 68.86%, an increase of 1.05% year-on-year, while the net margin decreased by 23.57% to 26.98% [1] - Total expenses (selling, administrative, and financial) amounted to 115 million yuan, representing 28.22% of revenue, which is a 13.85% increase compared to the previous year [1] - Earnings per share (EPS) decreased by 22.5% to 0.31 yuan, while operating cash flow per share increased by 24.89% to 0.35 yuan [1] Cash Flow and Asset Changes - The net cash flow from operating activities increased by 24.89% due to the recovery of time deposits [2] - The net cash flow from investing activities surged by 362.23% due to proceeds from the disposal of investment properties [3] - The net cash flow from financing activities rose by 45.87%, attributed to a decrease in stock repurchases and dividend distributions compared to the previous year [4] Asset and Liability Changes - Cash and cash equivalents decreased by 40.38% due to stock buybacks and dividend distributions [2] - Accounts receivable increased by 12.46% to 492 million yuan, while monetary funds decreased by 33.07% to 357 million yuan [1] - The company reported a significant increase in prepaid expenses by 76.96%, indicating higher procurement payments [2] Investment Insights - The company's return on invested capital (ROIC) was 8.36%, which is considered average, with a historical median ROIC of 7.32% over the past decade [5] - The largest fund holding the company’s shares is the Zhejiang Merchant Intelligent Stable Return Mixed Fund, which has a scale of 343 million yuan and a recent net value increase of 6.02% over the past year [5]