易天股份2025年中报简析：营收净利润同比双双增长，盈利能力上升

Financial Performance - The company reported a total revenue of 304 million yuan for the first half of 2025, representing a year-on-year increase of 92.41% [1] - The net profit attributable to shareholders reached 29.97 million yuan, up 189.19% year-on-year [1] - In Q2 2025, total revenue was 164 million yuan, a 95.21% increase compared to the same quarter last year, with net profit of 9.88 million yuan, up 148.73% [1] Profitability Metrics - The gross margin increased by 19.27% year-on-year, reaching 31.66%, while the net margin rose by 138.6% to 9.25% [1] - Total selling, administrative, and financial expenses amounted to 42.95 million yuan, accounting for 14.11% of revenue, a decrease of 52.79% year-on-year [1] - Earnings per share (EPS) increased by 187.5% to 0.21 yuan, with operating cash flow per share rising significantly by 728.01% to 0.56 yuan [1] Historical Context - The company experienced a net profit margin of -28.19% last year, indicating low added value in its products or services [2] - The median Return on Invested Capital (ROIC) since the company went public is 11.18%, with the worst year being 2024, which saw a ROIC of -12.04% [2] Cash Flow and Financial Health - The cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 25.5%, and the average operating cash flow over the past three years being negative [3] - Inventory levels are high, with inventory to revenue ratio reaching 156.43% [3] Operational Insights - The decline in revenue for 2024 was attributed to delays in customer production lines and extended acceptance periods, alongside significant provisions for bad debts totaling 85.50 million yuan [4] - In Q1 2025, the company achieved a revenue of 140 million yuan, a year-on-year increase of 89.23%, with net profit rising by 250.81% to 20.09 million yuan, driven by increased order amounts and improved gross margins [4]