Desay Battery(SZ:000049) Zheng Quan Zhi Xing·2025-08-26 23:08Core Viewpoint - Desay Battery (000049) reported mixed financial results for the first half of 2025, with revenue growth but a decline in net profit, indicating potential challenges in profitability despite increased sales [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 9.762 billion yuan, a year-on-year increase of 9.32% compared to 8.93 billion yuan in 2024 [1] - Net profit attributable to shareholders was 97.545 million yuan, down 9.36% from 108 million yuan in the previous year [1] - The gross margin decreased to 9.21%, down 2.94% year-on-year, while the net margin fell to 0.36%, a decline of 40.53% [1] - The company reported a significant increase in accounts receivable, which accounted for 1223.75% of the latest annual net profit [1] Cash Flow and Debt Analysis - Cash and cash equivalents increased by 65.82% to 1.991 billion yuan, attributed to the collection of accounts receivable and redemption of financial products [1] - Short-term borrowings rose by 48.72% due to rapid sales growth in subsidiaries and increased foreign exchange risk exposure [2] - The company’s debt situation is concerning, with interest-bearing debt reaching 4.346 billion yuan, a 17.68% increase [1][2] Operational Insights - The company’s return on invested capital (ROIC) was only 3.63%, indicating weak capital returns, with a historical median ROIC of 14.97% over the past decade [5] - The business model relies heavily on R&D and capital expenditures, necessitating careful evaluation of the effectiveness of these investments [5] Market Position and Future Outlook - Analysts project a net profit of 485 million yuan for 2025, with an average earnings per share of 1.26 yuan [5] - The largest fund holding Desay Battery shares is the CITIC Securities CSI 1000 Index Enhanced A Fund, which has shown significant growth over the past year [6]