德龙激光2025年中报简析：增收不增利

Core Viewpoint - Delong Laser (688170) reported a revenue increase but a significant decline in net profit for the first half of 2025, indicating challenges in profitability despite slight revenue growth [1]. Financial Performance - Total revenue for the first half of 2025 reached 285 million yuan, a year-on-year increase of 2.49% compared to 278 million yuan in 2024 [1]. - The net profit attributable to shareholders was -15.48 million yuan, a decrease of 56.92% from -9.87 million yuan in the previous year [1]. - The gross margin was 43.25%, down 5.2% year-on-year, while the net margin was -5.43%, a decline of 53.1% [1]. - Total operating expenses (sales, management, and financial expenses) amounted to 76.41 million yuan, accounting for 26.79% of revenue, an increase of 3.67% year-on-year [1]. - Earnings per share were -0.15 yuan, a decrease of 50% from -0.10 yuan in the previous year [1]. Cash Flow and Debt - Operating cash flow per share was 0.19 yuan, a significant increase of 130.66% year-on-year from -0.62 yuan [1]. - The company reported a decrease in cash and cash equivalents to 224 million yuan, down 32.38% from 331 million yuan [1]. - Interest-bearing debt rose to 51.39 million yuan, an increase of 61.01% compared to 31.92 million yuan [1]. Market Position and Future Outlook - The company has faced challenges in maintaining a positive net profit margin, with historical data indicating a median ROIC of 10.46% since its listing [3]. - Analysts expect the company's performance in 2025 to reach 50 million yuan, with an average earnings per share forecast of 0.48 yuan [3]. - Delong Laser is actively developing solutions for solid-state battery manufacturing, addressing key challenges in the industry and has begun testing new processing technologies [4].