Workflow
炬华科技2025年中报简析:净利润同比增长1%,公司应收账款体量较大

Core Insights - The company reported a total revenue of 884 million yuan for the first half of 2025, a decrease of 12.88% year-on-year, while the net profit attributable to shareholders increased by 1.0% to 344 million yuan [1] - The second quarter revenue was 451 million yuan, down 17.57% year-on-year, and the net profit for the same period decreased by 25.93% to 170 million yuan [1] - The accounts receivable reached 651 million yuan, accounting for 97.94% of the net profit, indicating a significant reliance on receivables [1][3] Financial Performance - Gross margin stood at 43.08%, down 9.77% year-on-year, while net margin increased by 17.94% to 39.49% [1] - Total operating expenses (selling, administrative, and financial) amounted to 9.45 million yuan, representing only 1.07% of revenue, a decrease of 61.02% year-on-year [1] - Earnings per share (EPS) increased by 1.52% to 0.67 yuan, while operating cash flow per share dropped significantly by 96.1% to 0.01 yuan [1] Investment Metrics - The company's return on invested capital (ROIC) was 16.05%, indicating strong capital returns, with a historical median ROIC of 13.29% over the past decade [3] - The estimated dividend yield is projected at 4.26% [3] - Analysts expect the company's revenue for 2025 to be around 718 million yuan, with an average EPS forecast of 1.4 yuan [3] Fund Holdings - The largest fund holding in the company is the Western Gain CSI 1000 Index Enhanced A, with a current scale of 302 million yuan and a recent net value increase of 1.03% [4] - The fund has shown a significant annual increase of 70.14% [4]