晶合集成2025年中报简析：营收净利润同比双双增长，盈利能力上升

Core Viewpoint - The recent financial report of Jinghe Integrated (688249) shows significant growth in revenue and net profit for the first half of 2025, indicating improved profitability and operational efficiency [1]. Financial Performance - The total revenue for the first half of 2025 reached 5.198 billion yuan, a year-on-year increase of 18.21% compared to 4.398 billion yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was 332 million yuan, marking a substantial year-on-year increase of 77.61% from 187 million yuan [1]. - In Q2 2025, the total revenue was 2.631 billion yuan, up 21.24% year-on-year, while the net profit was 197 million yuan, reflecting an 82.52% increase [1]. - The gross margin improved to 25.76%, up 5.47% year-on-year, and the net margin increased to 4.46%, up 0.73% [1]. Cost and Efficiency Metrics - Total selling, administrative, and financial expenses amounted to 398 million yuan, accounting for 7.66% of revenue, which is an increase of 1.87% year-on-year [1]. - The earnings per share (EPS) rose to 0.17 yuan, a significant increase of 70% compared to 0.1 yuan in the previous year [1]. - The operating cash flow per share improved to 0.85 yuan, reflecting a year-on-year increase of 31.65% [1]. Debt and Receivables - The company’s interest-bearing liabilities decreased to 20.087 billion yuan, down 4% from the previous year [1]. - Accounts receivable increased to 956 million yuan, a 13.76% rise year-on-year, indicating potential concerns regarding cash flow management [1][4]. Investment and Market Position - The company’s return on invested capital (ROIC) was reported at 1.96%, indicating a relatively weak capital return performance [3]. - The historical median ROIC since the company’s listing is 0.9%, with a notable poor performance in 2018 when ROIC was -25.9% [3]. - Analysts project the company’s performance for 2025 to reach 870 million yuan, with an average EPS forecast of 0.43 yuan [4]. Fund Holdings - The largest fund holding Jinghe Integrated is the Jianxin Shanghai Stock Exchange Selected Sci-Tech Innovation Board Innovative Value ETF, with 1.8569 million shares held [5]. - Other funds have also increased their positions in the company, indicating growing interest from institutional investors [5].