理工光科2025年中报简析：营收净利润同比双双增长，公司应收账款体量较大

Core Insights - The company reported a total revenue of 299 million yuan for the first half of 2025, representing a year-on-year increase of 10.33% [1] - The net profit attributable to shareholders reached 23.5 million yuan, up 23.67% year-on-year [1] - The company's accounts receivable is notably high, with accounts receivable to net profit ratio at 909.5% [1] Financial Performance - Total revenue for the second quarter of 2025 was 191 million yuan, showing a year-on-year increase of 14.01% [1] - The gross margin decreased to 32.54%, down 6.6% year-on-year, while the net margin increased to 8.91%, up 6.49% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 34.5 million yuan, accounting for 11.54% of revenue, an increase of 4.89% year-on-year [1] Key Ratios - Earnings per share (EPS) decreased to 0.19 yuan, down 5.0% year-on-year, while operating cash flow per share improved to -0.41 yuan, up 23.38% year-on-year [1] - The company's return on invested capital (ROIC) was 3.49% last year, indicating weak capital returns [3] - The historical median ROIC since the company went public is 4.98%, with the lowest recorded ROIC at 2.29% in 2023 [3] Business Model and Cash Flow - The company's business performance relies heavily on research and marketing efforts [3] - The average operating cash flow over the past three years is only 18.3% of current liabilities, indicating a need for attention to cash flow management [3] - The company has been asked about the applicability of its optical fiber sensor technology in humanoid robots, indicating potential future applications [3]