南大光电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 Viewpoint - Nanda Optoelectronics (300346) reported a revenue of 1.229 billion yuan for the first half of 2025, marking a year-on-year increase of 9.48%, with a net profit of 208 million yuan, up 16.3% year-on-year [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 1.229 billion yuan, compared to 1.122 billion yuan in the same period of 2024, reflecting a growth of 9.48% [1] - Net profit attributable to shareholders was 208 million yuan, an increase of 16.3% from 179 million yuan in the previous year [1] - The gross profit margin decreased to 38.75%, down 14.98% year-on-year, while the net profit margin slightly decreased to 20.95%, down 1.1% [1] - Total operating expenses (sales, management, and financial expenses) amounted to 146 million yuan, accounting for 11.9% of revenue, a decrease of 19.23% year-on-year [1] - Earnings per share rose to 0.3 yuan, an increase of 11.11% from 0.27 yuan [1] Accounts Receivable and Cash Flow - Accounts receivable represented 212.11% of the net profit, indicating a significant amount of outstanding payments [7] - Operating cash flow per share was 0.58 yuan, down 9.42% from the previous year [1] Investment and Financial Metrics - The company reported a significant increase in long-term equity investment income by 32.48% due to increased investment returns from joint ventures [2] - Financial expenses decreased by 57.07% as no convertible bond interest was accrued during the period [3] - The net cash flow from investment activities surged by 83.78%, attributed to the recovery of bank wealth management products [3] Fund Holdings - Several ETFs have increased their holdings in Nanda Optoelectronics, with the largest being the Guotai CSI Semiconductor Materials and Equipment Theme ETF, holding 3.1549 million shares [8]