GUIDE INFRARED(SZ:002414) Zheng Quan Zhi Xing·2025-08-26 22:39Core Viewpoint - Gaode Infrared (002414) reported significant growth in revenue and net profit for the first half of 2025, indicating strong operational performance despite a high level of accounts receivable [1] Financial Performance - Total revenue for the first half of 2025 reached 1.934 billion yuan, a year-on-year increase of 68.24% compared to 1.15 billion yuan in 2024 [1] - Net profit attributable to shareholders was 181 million yuan, up 906.85% from 17.97 million yuan in the previous year [1] - The second quarter alone saw total revenue of 1.254 billion yuan, reflecting an 83.87% increase year-on-year [1] - The gross profit margin was 51.02%, a slight decrease of 0.39% from the previous year, while the net profit margin surged to 9.35%, an increase of 498.45% [1] Accounts Receivable and Cash Flow - Accounts receivable amounted to 1.695 billion yuan, representing 63.31% of the total revenue, indicating a significant portion of revenue is tied up in receivables [1] - The company reported a per-share operating cash flow of 0.0 yuan, which is an increase of 108.52% year-on-year [1] Cost Management - Total selling, administrative, and financial expenses were 202 million yuan, accounting for 10.46% of revenue, a decrease of 39.84% compared to the previous year [1] Investment and Market Position - The company has a median ROIC of 3.24% over the past decade, with a particularly poor performance in 2024, where ROIC was -5.92% [3] - Analysts expect the company's performance for 2025 to reach 668 million yuan, with an average earnings per share of 0.16 yuan [3] Fund Holdings - The largest fund holding Gaode Infrared is the Huaxia Military Industry Safety Mixed Fund, which holds 54.71 million shares and has recently entered the top ten holdings [4]