长盈精密2025年中报简析：增收不增利，公司应收账款体量较大

Core Viewpoint - Longying Precision (300115) reported a mixed financial performance for the first half of 2025, with revenue growth but a significant decline in net profit compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 8.64 billion yuan, an increase of 12.33% year-on-year, while net profit attributable to shareholders was 306 million yuan, down 29.37% [1] - In Q2 2025, total revenue was 4.245 billion yuan, reflecting a year-on-year increase of 13.14, and net profit attributable to shareholders was 131 million yuan, up 5.7% [1] - The gross profit margin improved to 18.75%, up 4.41% year-on-year, while the net profit margin decreased to 3.95%, down 34.45% [1] - Total operating expenses (selling, administrative, and financial) amounted to 552 million yuan, accounting for 6.39% of revenue, a decrease of 2.28% year-on-year [1] - Earnings per share (EPS) fell to 0.23 yuan, down 34.29% year-on-year, while operating cash flow per share decreased to 0.43 yuan, down 15.47% [1] Financial Health Indicators - The company has a high accounts receivable level, with accounts receivable amounting to 2.941 billion yuan, representing 381.19% of the latest annual net profit [1][2] - Cash and cash equivalents decreased significantly to 1.921 billion yuan, down 48.18% year-on-year, indicating potential liquidity concerns [1][2] - The company’s interest-bearing debt decreased to 6.509 billion yuan, down 10.09% year-on-year, with a debt-to-asset ratio of 31.14% [1][2] Business Model and Future Outlook - The company's performance is primarily driven by research and development, necessitating a closer examination of the underlying factors supporting this growth [2] - Analysts project that the company's performance for 2025 will reach 851 million yuan, with an average EPS forecast of 0.63 yuan [2] Fund Holdings - The largest fund holding Longying Precision is the Huaxia Panyi One-Year Open Mixed Fund, with 889,400 shares held, while other funds have shown varied changes in their holdings [3]