NHPM(SH:601882) Zheng Quan Zhi Xing·2025-08-30 23:27Core Viewpoint - The recent financial report of Haitian Precision (601882) shows a decline in revenue and net profit, indicating potential challenges in the company's performance and cash flow management [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 1.663 billion yuan, a decrease of 0.92% year-on-year [1]. - Net profit attributable to shareholders was 237 million yuan, down 19.27% compared to the previous year [1]. - In Q2 2025, total revenue was 923 million yuan, showing a slight increase of 0.1% year-on-year, while net profit for the quarter was 138 million yuan, down 15.34% [1]. - The gross profit margin was 26.14%, a decrease of 4.26% year-on-year, and the net profit margin was 14.27%, down 18.41% [1]. - Total expenses (selling, administrative, and financial) amounted to 90.04 million yuan, representing 5.41% of revenue, an increase of 25.05% year-on-year [1]. Balance Sheet Highlights - Cash and cash equivalents increased by 41.3% to 861 million yuan [1]. - Accounts receivable rose by 40.15% to 521 million yuan, with accounts receivable accounting for 99.6% of net profit [1]. - Interest-bearing debt decreased by 55.02% to 2.92 million yuan [1]. - Book value per share increased by 11.63% to 5.28 yuan, while earnings per share decreased by 19.27% to 0.45 yuan [1]. Cash Flow and Return Metrics - Operating cash flow per share was 0.58 yuan, an increase of 63.57% year-on-year [1]. - The company's return on invested capital (ROIC) was 20.37%, indicating strong capital returns [3]. - The historical median ROIC since the company went public is 7.76%, suggesting average investment returns [3]. - Analysts expect the company's performance in 2025 to reach 620 million yuan, with an average earnings per share forecast of 1.19 yuan [3].