火炬电子（603678）2025年中报简析：营收净利润同比双双增长，应收账款上升

Core Viewpoint - Torch Electronics (603678) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit, indicating a positive trend in the company's operations and market demand [1]. Financial Performance - The total operating revenue reached 1.772 billion yuan, a year-on-year increase of 24.2% [1]. - The net profit attributable to shareholders was 261 million yuan, up 59.04% year-on-year [1]. - In Q2 2025, the operating revenue was 1.01 billion yuan, reflecting a 30.29% increase compared to the same quarter last year [1]. - The net profit for Q2 was 155 million yuan, marking a 71.78% increase year-on-year [1]. - The gross margin improved to 35.59%, an increase of 8.04% year-on-year, while the net margin rose to 14.8%, up 33.52% [1]. Balance Sheet Highlights - Accounts receivable increased by 31.04% year-on-year, reaching 1.91 billion yuan [1]. - Cash and cash equivalents decreased by 21.34% to 671 million yuan due to increased payments to suppliers [3]. - Interest-bearing liabilities decreased by 20.90% to 922 million yuan [1]. Expense Analysis - Total selling, administrative, and financial expenses amounted to 236 million yuan, accounting for 13.31% of revenue, down 13.67% year-on-year [1]. - Research and development expenses saw a slight decrease of 1.64% [6]. Cash Flow Insights - Operating cash flow per share was -0.14 yuan, a significant decline of 113.21% year-on-year, attributed to increased payments to suppliers [1][6]. - Financing cash flow increased by 129.48%, driven by equity incentive receipts and increased loans [6]. Market Position and Investment - The company is experiencing a recovery in order volume due to improving industry conditions and market demand [6]. - The largest fund holding in Torch Electronics is the GF Small and Medium Cap Selected Mixed Fund, which has increased its position [5]. Operational Efficiency - The company’s return on invested capital (ROIC) was 2.76%, indicating average investment returns, with historical data showing a median ROIC of 13.73% since its listing [6].