博敏电子2025年中报简析：增收不增利，公司应收账款体量较大

Core Viewpoint - 博敏电子's recent financial report shows a mixed performance with a revenue increase but a significant decline in net profit, indicating potential challenges in profitability and cash flow management [1][2]. Financial Performance Summary - The total revenue for the first half of 2025 reached 1.705 billion yuan, a year-on-year increase of 12.71% compared to 1.513 billion yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was 37.89 million yuan, down 31.38% from 55.22 million yuan in the previous year [1]. - The gross profit margin decreased to 13.25%, a decline of 4.18% year-on-year, while the net profit margin fell to 2.22%, down 39.14% [1]. - The total accounts receivable increased by 26.39% to 1.451 billion yuan, representing 44.42% of the latest annual revenue [1]. Cost and Expense Analysis - Total selling, administrative, and financial expenses amounted to 130 million yuan, accounting for 7.6% of revenue, which is a 20% increase year-on-year [1]. - The company reported a significant increase in sales expenses by 55.06%, attributed to enhanced market expansion efforts [1]. Cash Flow and Debt Situation - The cash flow from operating activities showed a decline of 34.54%, with a per-share operating cash flow of 0.28 yuan [1]. - The company’s monetary funds increased by 45.17% to 829 million yuan, while interest-bearing liabilities rose by 37.08% to 3.192 billion yuan [1]. - The cash ratio (monetary funds to current liabilities) stands at 47.61%, indicating potential liquidity concerns [3]. Business Model and Investment Returns - The company's historical return on invested capital (ROIC) is relatively low, with a median of 6.68% since its listing, and a notably poor ROIC of -9.04% in 2023 [2]. - The business model relies heavily on capital expenditures, necessitating careful evaluation of the viability of these investments [2].