博俊科技2025年中报简析：营收净利润同比双双增长，应收账款上升

Core Viewpoint - 博俊科技 (300926) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year, indicating robust business growth and operational efficiency [1]. Financial Performance Summary - Total revenue for the first half of 2025 reached 2.512 billion yuan, a year-on-year increase of 45.77% [1]. - Net profit attributable to shareholders was 352 million yuan, up 51.95% year-on-year [1]. - In Q2 2025, total revenue was 1.412 billion yuan, reflecting a 52.66% increase year-on-year, while net profit for the quarter was 203 million yuan, up 55.01% [1]. - The gross margin was 25.51%, down 7.69% year-on-year, while the net margin improved to 14.03%, an increase of 4.24% [1]. - Total receivables increased by 44.73% year-on-year, indicating a rise in accounts receivable [1]. Key Financial Metrics - Earnings per share (EPS) rose to 0.83 yuan, a 45.47% increase year-on-year [1]. - The company's net asset value per share increased by 58.63% to 6.9 yuan [1]. - Operating cash flow per share was -0.57 yuan, a significant decrease of 751.71% year-on-year [1]. Changes in Financial Items - Cash and cash equivalents decreased by 41.73% due to increased payments for materials [3]. - Accounts receivable decreased by 9.59% as collections improved [3]. - Inventory increased by 20.5% due to business growth and higher ending inventory balances [3]. - Fixed assets rose by 11.72% due to the transfer of construction projects to fixed assets [3]. - Short-term borrowings increased by 14.88% as the company borrowed more from banks [5]. - Contract liabilities increased by 25.1% due to higher prepayments for tooling [6]. Investment and Cash Flow Insights - R&D investment grew by 21.08%, reflecting the company's commitment to innovation [10]. - Net cash flow from financing activities increased by 54.29% due to a simplified stock issuance process [11]. - The net increase in cash and cash equivalents surged by 284.79%, driven by higher cash flow from financing activities [11]. Market Position and Analyst Expectations - The company's return on invested capital (ROIC) was 19.07%, indicating strong capital efficiency [12]. - Analysts expect the company's performance in 2025 to reach 848 million yuan, with an average EPS forecast of 1.95 yuan [13].