通润装备2025年中报简析：营收净利润同比双双增长，公司应收账款体量较大

Core Viewpoint - Tongrun Equipment (002150) reported a revenue increase of 6.33% year-on-year for the first half of 2025, reaching 1.709 billion yuan, with a net profit increase of 26.32% to 97.3117 million yuan [1] Financial Performance - Total revenue for the first half of 2025 was 1.709 billion yuan, up from 1.607 billion yuan in 2024, reflecting a growth of 6.33% [1] - Net profit attributable to shareholders reached 97.3117 million yuan, compared to 77.0372 million yuan in the previous year, marking a 26.32% increase [1] - The gross profit margin was 30.07%, slightly down by 0.07% year-on-year, while the net profit margin improved by 10.64% to 7.28% [1] - The total of selling, administrative, and financial expenses was 265 million yuan, accounting for 15.54% of revenue, an increase of 4.67% year-on-year [1] - Earnings per share increased to 0.27 yuan, up 22.73% from 0.22 yuan [1] Cash Flow and Debt Management - Operating cash flow per share was -0.11 yuan, a significant decrease of 194.59% compared to the previous year [1] - The company’s cash and cash equivalents decreased by 15.86% to 924 million yuan due to payments for goods and dividends [1][8] - Long-term borrowings decreased by 15.36% as a result of repaying bank loans [5] Accounts Receivable and Inventory - Accounts receivable amounted to 832 million yuan, representing an increase of 8.11% year-on-year, with accounts receivable to net profit ratio at 414.09% [1][5] - Inventory increased by 4.43% due to business growth [2] Business Strategy and Market Response - The company has a significant portion of its revenue from the U.S. market, which is affected by recent tariff changes; however, the impact is considered limited [9] - To mitigate tariff impacts, the company has established production facilities in Thailand, leveraging lower labor costs for exports to the U.S. [9] - The company plans to adjust product pricing and strategies in response to tariff changes and may consider relocating production to regions with lower tariffs if necessary [9]