统联精密2025年中报简析：增收不增利，三费占比上升明显

Core Viewpoint - The financial performance of Tonglian Precision (688210) for the first half of 2025 shows a mixed picture, with revenue growth but significant declines in net profit and profitability metrics [1] Financial Performance - Total revenue for the first half of 2025 reached 402 million yuan, an increase of 10.02% year-on-year [1] - Net profit attributable to shareholders was 4.87 million yuan, a decrease of 88.24% year-on-year [1] - In Q2 2025, total revenue was 228 million yuan, down 3.17% year-on-year [1] - Q2 net profit attributable to shareholders was 2.13 million yuan, a decline of 92.04% year-on-year [1] - Gross margin was 32.15%, down 21.4% year-on-year, while net margin was 2.69%, down 80.55% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 62.54 million yuan, accounting for 15.55% of total revenue, an increase of 57.63% year-on-year [1] - Earnings per share were 0.03 yuan, a decrease of 88.46% year-on-year [1] Business Evaluation - The company's return on invested capital (ROIC) for the previous year was 5.31%, indicating average capital returns [2] - Historical data shows a median ROIC of 5.97% since the company went public, with two years of losses indicating a fragile business model [2] - The company relies heavily on R&D and capital expenditures, necessitating careful monitoring of the effectiveness of these investments [2] Debt and Receivables - The company's interest-bearing debt ratio has reached 26.97%, suggesting potential concerns regarding debt levels [2] - Accounts receivable have reached 389.89% of profit, indicating a significant issue with receivables management [2] Market Interest - Several funds have recently increased their holdings in Tonglian Precision, with notable entries including: - Kexin Board Boshi Fund with 1.78 million shares [3] - Yuanxin Yongfeng Fund with 420,000 shares [3] - Boshi Growth Return Fund with 379,900 shares [3] - The largest holder is the Kexin Board Boshi Fund, with a scale of 1.604 billion yuan and a recent net value of 1.2934, reflecting a 1.18% decline from the previous trading day [3] Customer Structure - The company's revenue primarily comes from the consumer electronics sector, mainly from well-known domestic and international consumer electronics companies and their EMS manufacturers [4]