歌尔股份Q3营收同比增长4.4%，净利增长4.5%，存货激增55% | 财报见闻

Financial Performance - The company reported a Q3 revenue of 30.557 billion yuan, a year-on-year increase of 4.42%, while the revenue for the first three quarters was 68.106 billion yuan, showing a decline of 2.21% [6] - The net profit for Q3 was 1.17 billion yuan, reflecting a year-on-year growth of 4.51%, and the net profit for the first three quarters reached 2.587 billion yuan, up 10.33% [6] - The non-recurring net profit was 2.067 billion yuan, with a minimal increase of 1.02%, indicating average profit quality [6] Inventory and Cash Flow - Inventory surged to 16.274 billion yuan, a significant increase of 55.30% from the beginning of the year, raising concerns about potential inventory backlog risks [4][6] - Operating cash flow dropped sharply to 1.475 billion yuan, a year-on-year decline of 44.56%, indicating weakened cash generation ability [4][6] Debt and Financial Leverage - Total short-term and long-term borrowings reached 19.296 billion yuan, a substantial increase from the beginning of the year, indicating heightened financial leverage [8] - Short-term borrowings rose by 66.51% to 12.843 billion yuan, while long-term borrowings surged by 381.15% to 6.453 billion yuan [8] - The company issued 1 billion yuan in technology innovation bonds, further increasing its debt levels [8] Profitability and Financial Costs - Financial expenses amounted to 411 million yuan, a dramatic increase of 284.34%, primarily due to exchange rate fluctuations leading to foreign exchange losses [7][6] - The company reported investment income of 400 million yuan, a significant year-on-year increase of 996.09%, largely driven by foreign exchange derivative gains [6] Research and Development - R&D expenses reached 3.980 billion yuan, reflecting a year-on-year increase of 19.21%, indicating a continued commitment to increasing research and development investment [6]