徕木股份2025年中报简析：增收不增利，公司应收账款体量较大

Core Insights - The company reported a total revenue of 761 million yuan for the first half of 2025, representing an increase of 11.02% year-on-year, while the net profit attributable to shareholders decreased by 37.84% to 32.4 million yuan [1] - In Q2 2025, the total revenue was 411 million yuan, up 16.07% year-on-year, but the net profit attributable to shareholders fell by 49.61% to 13.6 million yuan [1] - The company's accounts receivable are significantly high, with accounts receivable amounting to 932.44% of the latest annual net profit [1] Financial Performance - The gross margin for the reporting period was 18.65%, down 21.83% year-on-year, and the net profit margin was 4.26%, down 44.01% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 63.6 million yuan, accounting for 8.37% of revenue, which is a decrease of 13.8% year-on-year [1] - Earnings per share decreased by 33.33% to 0.08 yuan, while operating cash flow per share dropped by 50.58% to 0.05 yuan [1] Business Evaluation - The company's return on invested capital (ROIC) was 3.44% last year, indicating historically weak capital returns, with a median ROIC of 6.01% since its listing [2] - The net profit margin last year was 5.01%, suggesting that the added value of the company's products or services is average [2] - The company's performance heavily relies on R&D and capital expenditures, necessitating careful evaluation of the effectiveness of these investments [2] Cash Flow and Debt Analysis - The company's cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 16.19%, and the average operating cash flow over the past three years to current liabilities at 6.91% [3] - The interest-bearing debt ratio has reached 32.59%, and the total interest-bearing debt to the average operating cash flow over the past three years is at 13.18% [3] - The accounts receivable to profit ratio is alarmingly high at 932.44% [3]