星宇股份2025年中报简析：营收净利润同比双双增长，应收账款上升

Core Insights - The company reported a total revenue of 6.757 billion yuan for the first half of 2025, representing an 18.2% year-on-year increase, and a net profit attributable to shareholders of 706 million yuan, up 18.88% year-on-year [1] - The second quarter revenue was 3.663 billion yuan, with a year-on-year growth of 10.85%, and a net profit of 384 million yuan, reflecting a 9.35% increase year-on-year [1] Financial Performance - Gross margin improved to 19.27%, up 1.27% year-on-year, while net margin increased to 10.45%, a rise of 0.57% year-on-year [1] - Total operating expenses (sales, management, and financial expenses) amounted to 176 million yuan, accounting for 2.6% of revenue, down 8.34% year-on-year [1] - Earnings per share reached 2.49 yuan, an 18.88% increase year-on-year, and operating cash flow per share surged by 292.58% to 4.19 yuan [1] Balance Sheet and Cash Flow - Cash and cash equivalents increased to 1.961 billion yuan, a 20.42% rise year-on-year [1] - Accounts receivable rose significantly by 47.97% to 4.39 billion yuan, indicating potential liquidity concerns [1][4] - Interest-bearing debt decreased to 140 million yuan, down 16.73% year-on-year, reflecting improved debt management [1] Investment Metrics - The company's return on invested capital (ROIC) was reported at 14.45%, indicating strong capital returns, with a historical median ROIC of 11.8% over the past decade [3] - Analysts project the company's performance for 2025 to reach 1.73 billion yuan, with an average earnings per share forecast of 6.06 yuan [4] Fund Holdings - The largest fund holding in the company is the GF Stable Growth Mixed Fund, which holds 1.6 million shares and has seen a decrease in its position [5] - Other funds have varied positions, with some increasing their holdings while others have reduced them, indicating mixed sentiment among institutional investors [5]