宏达电子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 Insights - The company reported a total revenue of 857 million yuan for the first half of 2025, representing a year-on-year increase of 14.17% [1] - The net profit attributable to shareholders reached 203 million yuan, up 11.78% year-on-year [1] - The second quarter alone saw a revenue of 528 million yuan, marking a 19.88% increase compared to the same period last year, with a net profit of 148 million yuan, which is a significant rise of 43.63% [1] Financial Performance - The gross margin for the first half of 2025 was 57.3%, down 9.68% year-on-year, while the net margin was 27.77%, a decrease of 3.25% [1] - Total operating expenses, including sales, management, and financial costs, amounted to 130 million yuan, which is 15.2% of revenue, down 19.72% year-on-year [1] - Earnings per share (EPS) increased to 0.49 yuan, reflecting an 11.8% year-on-year growth [1] Accounts Receivable and Debt - The company's accounts receivable stood at 1.693 billion yuan, a slight increase of 1.94% year-on-year, with accounts receivable accounting for 606.39% of the net profit [1][3] - The company reported a decrease in interest-bearing debt to 11.605 million yuan, down 14.16% year-on-year [1] Investment and Fund Holdings - The company's return on invested capital (ROIC) for the previous year was 6.37%, indicating average capital returns [3] - The largest fund holding in the company is the Penghua Macro Flexible Allocation Mixed Fund, which has increased its holdings [4]