艾迪精密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

Financial Performance - The company reported a total revenue of 1.569 billion yuan for the first half of 2025, representing a year-on-year increase of 13.15% [1] - The net profit attributable to shareholders was 207 million yuan, up 5.34% year-on-year [1] - In Q2 2025, total revenue was 798 million yuan, a 5.84% increase year-on-year, while net profit decreased by 3.04% to 105 million yuan [1] - The gross margin was 27.52%, down 2.64% year-on-year, and the net margin was 13.24%, down 6.57% year-on-year [1] - The company’s earnings per share (EPS) increased by 4.17% to 0.25 yuan [1] Financial Ratios and Metrics - The company's accounts receivable accounted for 305.43% of the net profit, indicating a significant amount of receivables relative to profit [1][3] - The total expenses (selling, administrative, and financial) amounted to 120 million yuan, representing 7.65% of revenue, an increase of 5.14% year-on-year [1] - The company’s return on invested capital (ROIC) was 7.56%, with a historical median ROIC of 15.41% since its listing [1][2] Cash Flow and Debt Situation - The cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 74.06% [3] - The interest-bearing debt ratio reached 27.38%, and the total interest-bearing debt to the average operating cash flow over the past three years was 17.24% [3] Shareholder Information - The largest fund holding in the company is the Debon Minyu Progress Quantitative Mixed A fund, which holds 178,500 shares and has not changed its position [4] - The fund's current scale is 57 million yuan, with a net value of 1.294 as of August 29, showing a 3.59% increase from the previous trading day and a 56.05% increase over the past year [4]