Tongda Electric(SH:603390) Zheng Quan Zhi Xing·2025-08-28 22:59Core Viewpoint - Tongda Electric (603390) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1]. Financial Performance - Total revenue for the first half of 2025 reached 421 million yuan, a year-on-year increase of 68.73% [1]. - Net profit attributable to shareholders was 31.73 million yuan, up 122.8% year-on-year [1]. - In Q2 2025, total revenue was 236 million yuan, reflecting an 85.97% increase year-on-year [1]. - Q2 net profit attributable to shareholders was 12.99 million yuan, a substantial increase of 425.41% year-on-year [1]. Key Financial Metrics - Gross margin improved to 27.34%, an increase of 2.52% year-on-year [1]. - Net margin rose to 7.44%, up 37.22% year-on-year [1]. - Total selling, administrative, and financial expenses amounted to 53.48 million yuan, accounting for 12.69% of revenue, a decrease of 23.87% year-on-year [1]. - Earnings per share increased to 0.09 yuan, a rise of 125.0% year-on-year [1]. - The company's cash flow per share was -0.01 yuan, a decrease of 115.85% year-on-year [1]. Accounts Receivable and Liabilities - Accounts receivable increased by 38.36% year-on-year, reaching 396 million yuan [1]. - Interest-bearing liabilities significantly decreased by 99.20%, down to 159,000 yuan [1]. Business Evaluation - The company's return on invested capital (ROIC) was 1.24% last year, indicating weak capital returns [3]. - Historical data shows a median ROIC of 10.48% since the company went public, with two years of losses [3]. - The business model relies heavily on research and marketing, necessitating further investigation into these drivers [3]. - The accounts receivable to profit ratio has reached 1545.76%, raising concerns about the company's receivables management [3].