奥海科技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 - Aohai Technology (002993) reported a revenue of 3.191 billion yuan for the first half of 2025, reflecting a year-on-year increase of 7.77%, with a net profit of 236 million yuan, up 1.27% year-on-year [1] Financial Performance - Total revenue for Q2 2025 reached 1.749 billion yuan, a 9.45% increase year-on-year, while net profit for the same period was 111 million yuan, up 0.78% year-on-year [1] - The gross profit margin was 19.66%, down 5.16% year-on-year, and the net profit margin improved to 8.00%, an increase of 2.53% year-on-year [1] - Total operating expenses (selling, administrative, and financial) amounted to 229 million yuan, representing 7.18% of revenue, an increase of 5.95% year-on-year [1] - Earnings per share remained stable at 0.85 yuan, while operating cash flow per share increased by 27.06% to 1.15 yuan [1] Balance Sheet Highlights - Cash and cash equivalents increased significantly by 80.40% to 2.178 billion yuan [1] - Accounts receivable stood at 1.759 billion yuan, a 2.51% increase year-on-year, with accounts receivable to net profit ratio reaching 378.43% [1][3] - Interest-bearing debt decreased by 35.51% to 183 million yuan [1] Investment Insights - The company's return on invested capital (ROIC) was 8.41%, indicating average capital returns, with a historical median ROIC of 11.53% since its listing [1] - Analysts project a net profit of 619 million yuan for 2025, with an average earnings per share estimate of 2.24 yuan [3] Fund Holdings - The largest fund holding Aohai Technology is the E Fund Kexun Mixed Fund, managed by Liu Jianwei, with a total scale of 3.849 billion yuan [4] - Notable changes in fund holdings include a reduction in shares by E Fund Kexun and increases by several other funds [4]