CRCHI(SH:688425) Zheng Quan Zhi Xing·2025-08-29 22:42Core Insights - The company, 铁建重工, reported a total revenue of 4.837 billion yuan for the first half of 2025, reflecting a year-on-year increase of 0.71% and a net profit of 735 million yuan, up 1.73% from the previous year [1] - In Q2 2025, the company achieved a total revenue of 2.481 billion yuan, which is a 3.03% increase year-on-year, and a net profit of 403 million yuan, marking a significant 13.84% increase [1] - The company's accounts receivable is notably high, with accounts receivable amounting to 555.6% of the net profit for the latest annual report [1] Financial Summary - Total revenue for 2024 was 4.803 billion yuan, while for 2025 it is 4.837 billion yuan, showing a growth of 0.71% [1] - The net profit for 2024 was 723 million yuan, increasing to 735 million yuan in 2025, which is a 1.73% rise [1] - The gross margin decreased to 30.2% in 2025 from 30.63% in 2024, a decline of 1.39% [1] - The net margin improved slightly to 15.2% in 2025 from 15.05% in 2024, an increase of 1.00% [1] - The total of selling, administrative, and financial expenses was 289 million yuan, which is 5.98% of revenue, down 16.41% year-on-year [1] - The company's cash flow per share decreased to 0.04 yuan, a decline of 45.45% compared to the previous year [1] Investment Analysis - The company's return on invested capital (ROIC) for the previous year was 8.23%, indicating average capital returns [1] - The historical median ROIC since the company went public is 13.33%, suggesting a generally favorable investment return [1] - Analysts project the company's performance for 2025 to reach 1.637 billion yuan, with an average earnings per share estimate of 0.31 yuan [2] Fund Holdings - The largest fund holding 铁建重工 is 国联优势产业混合A, with 14.296 million shares, which has reduced its holdings [3] - 国联国企改革混合A increased its holdings to 4.0694 million shares [3] - The fund 国泰量化收益灵活配置混合A has newly entered the top ten holdings with 1.101 million shares [3]