中绿电2025年中报简析：营收净利润同比双双增长，公司应收账款体量较大

Core Viewpoint - Zhonglv Electric (000537) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 reached 2.333 billion yuan, a year-on-year increase of 29.3% [1] - Net profit attributable to shareholders was 618 million yuan, up 33.06% year-on-year [1] - In Q2 2025, total revenue was 1.308 billion yuan, reflecting a 37.87% increase year-on-year [1] - Q2 net profit attributable to shareholders was 364 million yuan, a 22.33% increase year-on-year [1] - Gross margin stood at 57.03%, a slight decrease of 0.56% year-on-year, while net margin improved by 22.08% to 36.68% [1] Key Financial Metrics - Earnings per share (EPS) increased by 25% to 0.30 yuan [1] - Operating cash flow per share surged by 122.61% to 0.63 yuan [1] - The company's receivables accounted for 702.11% of net profit, indicating a significant amount of outstanding payments [1] - The company reported a decrease in cash and cash equivalents by 26.83% to 5.278 billion yuan [1] - Interest-bearing liabilities rose by 15.54% to 59.588 billion yuan [1] Business Model and Investment Considerations - The company's return on invested capital (ROIC) was 2.29%, indicating weak capital returns, with a historical median ROIC of 4.96% over the past decade [3] - The business model relies heavily on capital expenditures, necessitating careful evaluation of the profitability of these investments [3] - Concerns were raised regarding cash flow, debt levels, and accounts receivable, with the average operating cash flow over the past three years being negative [3] Electricity Pricing - The average on-grid electricity price for the company's renewable energy projects was reported at 0.4125 yuan per kilowatt-hour (including tax) for 2024, and 0.3024 yuan per kilowatt-hour for Q1 2025 [4]