华海清科2025年中报简析：营收净利润同比双双增长

Core Viewpoint - Huahai Qingke (688120) reported a year-on-year increase in both revenue and net profit for the first half of 2025, indicating positive growth trends in its financial performance [1]. Financial Performance - The total operating revenue for the first half of 2025 reached 1.95 billion yuan, a year-on-year increase of 30.28% compared to 1.497 billion yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was 505 million yuan, reflecting a year-on-year growth of 16.82% from 433 million yuan [1]. - In Q2 2025, the operating revenue was 1.037 billion yuan, up 27.05% year-on-year, while the net profit for the same quarter was 272 million yuan, an increase of 18.01% [1]. Profitability Metrics - The gross profit margin improved to 46.08%, a rise of 6.26% year-on-year, while the net profit margin decreased to 25.92%, down 10.33% [1]. - The total of selling, administrative, and financial expenses amounted to 223 million yuan, accounting for 11.46% of revenue, which is a significant increase of 57.02% year-on-year [1]. Shareholder Metrics - Earnings per share (EPS) increased to 2.14 yuan, a growth of 16.94% compared to 1.83 yuan in the previous year [1]. - The book value per share decreased to 29.52 yuan, down 20.22% year-on-year [1]. - Operating cash flow per share was reported at 1.67 yuan, a decline of 28.72% from the previous year [1]. Investment Insights - The company's return on invested capital (ROIC) was 15.16%, indicating strong capital returns, with a historical median ROIC of 13.75% since its listing [3]. - The company has shown a history of fluctuating financial performance, with three years of losses since its IPO, suggesting a potentially fragile business model [3]. - Analysts expect the company's performance in 2025 to reach 1.358 billion yuan, with an average EPS forecast of 3.84 yuan [3]. Fund Holdings - The largest fund holding Huahai Qingke is the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF, which has recently increased its position [4]. - Other notable funds include Yinhua Integrated Circuit Mixed A and Southern Information Innovation Mixed A, with varying changes in their holdings [4].