EWPT(SZ:300115) Zheng Quan Zhi Xing·2025-08-28 14:18Core Insights - Longying Precision (300115) reported a total revenue of 8.64 billion yuan for the first half of 2025, representing a year-on-year increase of 12.33%, while the net profit attributable to shareholders decreased by 29.37% to 306 million yuan [1] - The company's accounts receivable is significantly high, with accounts receivable accounting for 381.19% of the latest annual net profit [1] Financial Performance - Total revenue for Q2 2025 was 4.245 billion yuan, up 13.14% year-on-year, with a net profit of 131 million yuan, an increase of 5.7% [1] - Gross margin improved to 18.75%, up 4.41% year-on-year, while net margin decreased to 3.95%, down 34.45% [1] - Total 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 by 15.47% to 0.43 yuan [1] Investment Metrics - The company's return on invested capital (ROIC) was 7.35%, indicating average capital returns, with a historical median ROIC of 5.44% over the past decade [4] - The company has a high level of accounts receivable relative to profit, necessitating careful monitoring of cash flow and debt levels [4] Fund Holdings - The largest fund holding Longying Precision is the Huaxia Panyi One-Year Open Mixed Fund, which holds 889,400 shares and has reduced its position [5] - The fund's current scale is 442 million yuan, with a recent net value of 1.3342, reflecting a decline of 2.88% from the previous trading day, but a year-on-year increase of 72.56% [5]