科泰电源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

Financial Performance - The company reported a total revenue of 711 million yuan for the first half of 2025, representing a year-on-year increase of 49.51% [1] - The net profit attributable to shareholders reached 23.99 million yuan, up 35.52% year-on-year [1] - In Q2 2025, total revenue was 348 million yuan, showing a significant increase of 65.52% compared to the same quarter last year [1] - The net profit for Q2 2025 was 10.14 million yuan, reflecting a year-on-year growth of 14.93% [1] Profitability Metrics - The gross margin for the first half of 2025 was 12.78%, down 5.69% from the previous year [1] - The net margin decreased to 3.28%, a decline of 10.43% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 39.67 million yuan, which is 5.58% of revenue, down 28.98% year-on-year [1] Balance Sheet and Cash Flow - The company’s cash and cash equivalents increased to 537 million yuan, a rise of 13.47% from the previous year [1] - Accounts receivable grew to 444 million yuan, up 22.74% year-on-year, with accounts receivable to net profit ratio reaching 1267.88% [1][3] - The company reported a decrease in operating cash flow per share to 0.05 yuan, down 31.46% year-on-year [1] Investment Insights - The company’s return on invested capital (ROIC) was 3.09%, indicating weak capital returns [2] - Historical data shows a median ROIC of 2.79% over the past decade, with a notably poor ROIC of -16.15% in 2020 [1][2] - Analysts project the company’s 2025 performance to reach 275 million yuan, with an average earnings per share estimate of 0.85 yuan [3] Fund Holdings - The largest fund holding in the company is the Yongying Digital Economy Mixed Fund A, which holds 5.9369 million shares and has increased its position [4] - Other funds have shown varied movements, with some increasing their holdings while others have reduced their positions [4]