立讯精密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 Insights - Lixun Precision (002475) reported a total revenue of 124.5 billion yuan for the first half of 2025, a year-on-year increase of 20.18%, and a net profit attributable to shareholders of 6.644 billion yuan, up 23.13% year-on-year [1] - The company's second-quarter revenue reached 62.715 billion yuan, reflecting a 22.51% increase compared to the same period last year, with a net profit of 3.601 billion yuan, up 23.09% year-on-year [1] - The accounts receivable as a percentage of net profit reached 231.05%, indicating a significant amount of receivables relative to profit [1][26] Financial Performance - Gross margin was reported at 11.61%, a decrease of 0.81% year-on-year, while net margin improved to 5.86%, an increase of 5.4% [1] - Total expenses (selling, administrative, and financial) amounted to 3.559 billion yuan, accounting for 2.86% of revenue, which is a 2.09% increase year-on-year [1] - Earnings per share (EPS) increased to 0.92 yuan, a rise of 22.67% year-on-year, while operating cash flow per share was -0.23 yuan, a significant decrease of 168.4% [1] Balance Sheet Changes - Cash and cash equivalents increased by 50.94% to 58.565 billion yuan, attributed to improved performance ensuring normal payments [3] - Accounts receivable rose by 23.68% to 30.881 billion yuan, influenced by seasonal fluctuations and the collection of overdue accounts [3] - Interest-bearing liabilities increased by 55.37% to 91.25 billion yuan, indicating a rise in debt levels [1] Investment and Cash Flow - The company reported a 244.08% increase in trading financial assets, driven by investments in foreign exchange and wealth management [14] - Net cash flow from operating activities decreased by 169.05%, primarily due to payments to suppliers for overdue accounts [25] - The company’s return on invested capital (ROIC) was 11.81%, indicating average capital returns [25] Market Position and Analyst Sentiment - Analysts expect Lixun Precision's performance in 2025 to reach 16.289 billion yuan, with an average EPS forecast of 2.25 yuan [26] - The company is held by several prominent fund managers, with notable increases in holdings from certain funds [27] - The leading fund manager, Xie Zhiyu from Xingquan Global Fund, has a strong track record in identifying value and growth stocks [26]