联得装备2025年中报简析：净利润同比下降34.78%，公司应收账款体量较大

Core Viewpoint - The recent financial report of Lian De Equipment (300545) shows a decline in revenue and net profit for the first half of 2025 compared to the same period in 2024, indicating potential challenges in the company's financial health and operational efficiency [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 637 million yuan, a decrease of 5.34% year-on-year [1]. - Net profit attributable to shareholders was 73.1 million yuan, down 34.78% year-on-year [1]. - In Q2 2025, total revenue was 270 million yuan, reflecting a 16.59% decline year-on-year, while net profit was 30.3 million yuan, a decrease of 54.33% year-on-year [1]. - Gross margin was 31.2%, down 14.27% year-on-year, and net margin was 11.48%, down 30.4% year-on-year [1]. - Total operating expenses (selling, administrative, and financial expenses) amounted to 59.7 million yuan, accounting for 9.37% of revenue, an increase of 22.29% year-on-year [1]. Balance Sheet and Cash Flow Summary - Cash and cash equivalents decreased to 508 million yuan, down 18.90% year-on-year [1]. - Accounts receivable increased to 662 million yuan, up 27.95% year-on-year, representing 272.62% of net profit [1]. - Interest-bearing debt decreased to 340 million yuan, down 36.49% year-on-year [1]. - Earnings per share were 0.41 yuan, a decrease of 34.92% year-on-year, while operating cash flow per share increased to 1.31 yuan, up 59.0% year-on-year [1]. Business Evaluation - The company's return on invested capital (ROIC) for the previous year was 11.15%, indicating average capital returns [3]. - The historical median ROIC since the company went public is 10.59%, suggesting reasonable investment returns [3]. - The company has a cash flow concern, with cash and cash equivalents covering only 85.81% of current liabilities [3]. - Analysts expect the company's performance in 2025 to reach 223 million yuan, with an average earnings per share forecast of 1.23 yuan [3]. Client Relationships - The company has established long-term stable relationships with notable clients, including Continental Automotive Electronics, Bosch, Harman, and Apple, among others [4].