大族激光2025年中报简析：增收不增利，公司应收账款体量较大

Core Viewpoint - Dazong Laser (002008) reported mixed financial results for the first half of 2025, with revenue growth but a significant decline in net profit, raising concerns about cash flow and accounts receivable management [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 7.613 billion yuan, a year-on-year increase of 19.79% [1]. - Net profit attributable to shareholders was 488 million yuan, down 60.15% compared to the previous year [1]. - In Q2 2025, revenue was 4.669 billion yuan, up 26.21% year-on-year, while net profit for the quarter was 325 million yuan, an increase of 37.62% [1]. - Gross margin stood at 30.95%, a decrease of 1.83% year-on-year, and net margin was 7.07%, down 64.22% [1]. - Total operating expenses (selling, administrative, and financial) amounted to 1.146 billion yuan, accounting for 15.05% of revenue, a decrease of 4.58% year-on-year [1]. Cash Flow and Accounts Receivable - The company reported a significant accounts receivable level, with accounts receivable amounting to 8.65 billion yuan, which is 510.65% of the net profit [1][3]. - Cash flow per share was -0.69 yuan, a decrease of 264.98% year-on-year, indicating potential liquidity issues [1]. Investment Metrics - The company's return on invested capital (ROIC) for the previous year was 7.08%, with a historical median ROIC of 10.01% over the past decade [3]. - Analysts expect the company's performance for 2025 to yield a net profit of approximately 1.074 billion yuan, with an average earnings per share of 1.04 yuan [3]. Fund Holdings - The largest fund holding Dazong Laser shares is the Huaxia CSI Robot ETF, which has increased its position to 18.8439 million shares [4]. - Other funds, such as Tianhong CSI Robot ETF and China Europe CSI Robot Index Fund, have also increased their holdings, indicating positive sentiment among institutional investors [4].