东南电子2025年中报简析：增收不增利，公司应收账款体量较大

Core Viewpoint - Southeast Electronics (301359) reported mixed financial results for the first half of 2025, with a slight increase in total revenue but a decline in net profit compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 155 million yuan, a year-on-year increase of 3.87% [1] - Net profit attributable to shareholders was 21.59 million yuan, down 3.6% year-on-year [1] - In Q2 2025, total revenue was 85.16 million yuan, a decrease of 4.3% year-on-year, while net profit was 10.51 million yuan, down 14.2% [1] - Gross margin improved to 30.7%, an increase of 9.11% year-on-year, while net margin decreased to 13.92%, down 7.19% [1] - Total operating expenses (selling, administrative, and financial expenses) amounted to 14.55 million yuan, representing 9.38% of revenue, a significant increase of 125.03% year-on-year [1] - Earnings per share decreased to 0.18 yuan, down 30.77% year-on-year, while operating cash flow per share increased to 0.15 yuan, up 21.92% [1] Balance Sheet and Cash Flow Summary - Accounts receivable increased to 108 million yuan, a rise of 5.1% year-on-year, with accounts receivable to net profit ratio reaching 235.84% [1][3] - Cash and cash equivalents decreased to 241 million yuan, down 12.34% year-on-year [1] - The company experienced a significant increase in financial expenses by 90.45%, attributed to reduced interest income [1] - Net cash flow from operating activities increased by 70.69% due to higher cash received from sales [2] - Net cash flow from investing activities rose by 85.33% due to the maturity of bank wealth management products [2] - The net increase in cash and cash equivalents was up 76.82%, also due to the maturity of bank wealth management products [2] Investment and Return Metrics - The company's return on invested capital (ROIC) was 4.31%, indicating weak capital returns, while the net profit margin was 14.43%, suggesting high value addition in products or services [2] - Historical data shows a median ROIC of 17.8% since the company went public, with the worst year being 2023 at 3.24% [2]