恒而达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 Heng Er Da (300946) reported a total revenue of 320 million yuan for the first half of 2025, reflecting a year-on-year increase of 6.85%, while the net profit attributable to shareholders decreased by 22.53% to 43.11 million yuan [1] - The second quarter revenue was 169 million yuan, up 11.53% year-on-year, but the net profit for the same period fell by 14.81% to 23.09 million yuan [1] - The company's accounts receivable are notably high, with accounts receivable amounting to 209.98% of the net profit in the latest annual report [1] Financial Performance - Gross margin stood at 29.52%, down 7.09% year-on-year, while net margin decreased by 27.77% to 13.49% [1] - Total selling, administrative, and financial expenses reached 26.84 million yuan, accounting for 8.4% of revenue, which is a 33.38% increase year-on-year [1] - Earnings per share (EPS) was 0.28 yuan, a decline of 22.22% year-on-year, and the net asset value per share decreased by 19.08% to 7.74 yuan [1] Business Evaluation - The company's return on invested capital (ROIC) was 7.1% last year, indicating average capital returns, with a historical median ROIC of 15.47% since its listing [2] - The net profit margin last year was 14.9%, suggesting a high added value for its products or services [2] - The company's performance is heavily reliant on capital expenditures, necessitating close monitoring of the viability of these investments [2] Cash Flow and Receivables - The company's cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 50.59%, and the average operating cash flow over the past three years to current liabilities at 19.93% [3] - The accounts receivable to profit ratio has reached 209.98%, indicating potential liquidity issues [3] Fund Management - The company is held by a prominent fund manager, Yan Siqian from Penghua Fund, who has recently increased his stake in the company [3] - Yan Siqian is recognized for his strong stock-picking abilities, particularly in identifying growth stocks, and his fund has a total scale of 16.136 billion yuan [3]