Zheng Quan Zhi Xing·2025-08-23 22:57Core Viewpoint - Goldwind Technology (002202) reported strong revenue growth in the 2025 mid-year report, with total revenue reaching 28.537 billion yuan, a year-on-year increase of 41.26%, while net profit attributable to shareholders was 1.488 billion yuan, up 7.26% year-on-year [1][3]. Financial Performance - Total revenue for the second quarter was 19.065 billion yuan, reflecting a 44.18% year-on-year increase [1]. - Net profit for the second quarter was 919 million yuan, showing a decline of 12.8% year-on-year [1]. - The company's accounts receivable reached 33.728 billion yuan, a 21.38% increase year-on-year, with accounts receivable accounting for 1812.89% of the latest annual net profit [1][4]. Profitability Metrics - Gross margin was 15.35%, down 15.91% year-on-year, while net margin was 5.83%, down 17.98% year-on-year [1]. - Total selling, administrative, and financial expenses amounted to 1.902 billion yuan, representing 6.67% of revenue, a decrease of 26.13% year-on-year [1]. - Earnings per share (EPS) increased to 0.34 yuan, a 7.34% rise year-on-year [1]. Cash Flow and Debt - Operating cash flow per share was -0.7 yuan, an improvement of 63.81% year-on-year [1]. - The net increase in cash and cash equivalents was up 41.84% due to increased cash receipts from sales [3]. - The company’s interest-bearing debt was 39.737 billion yuan, a slight decrease of 0.19% year-on-year [1]. Investment Insights - Analysts expect the company's performance in 2025 to reach 2.964 billion yuan, with an average EPS forecast of 0.7 yuan [4]. - The company’s return on invested capital (ROIC) was reported at 3.19%, indicating weak capital returns [4]. - The company’s cash flow situation is a concern, with cash and cash equivalents to current liabilities ratio at 24.65% [4]. Fund Holdings - The largest fund holding Goldwind Technology is the Bosera Theme LOF, with 14.24 million shares newly entered into the top ten holdings [5]. - Other funds such as the China Merchants Industry Select Stock Fund and the Xisi Zhongzheng Rare Earth Industry ETF have also increased their holdings [5].