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 slight increase in net profit for the third quarter, reaching 1.17 billion yuan, which is a year-on-year growth of only 4.5% [1] - The net profit after excluding non-recurring gains and losses was 2.067 billion yuan, reflecting a minimal growth of 1.02% year-on-year [1] - Non-recurring gains contributed 520 million yuan, with foreign exchange derivatives accounting for 620 million yuan, representing 119% of the profit growth, indicating reliance on financial derivatives rather than core business operations [1] Inventory Management - Inventory surged to 16.274 billion yuan, a significant increase of 55.3% from the beginning of the year, raising concerns about potential inventory accumulation risks amid a 2.21% decline in revenue [2] - The net operating cash flow dropped sharply by 44.56% to 1.475 billion yuan, highlighting a deteriorating cash flow situation [2] - Cash received from sales decreased, while cash paid to employees increased by 21.6%, creating a concerning combination with the rising inventory levels [2] Debt Levels - Short-term borrowings rose to 12.843 billion yuan, an increase of 66.51% since the beginning of the year, while long-term borrowings surged by 381.15% to 6.453 billion yuan, leading to a total debt of 19.296 billion yuan [3] - The company issued 1 billion yuan in technology innovation bonds, further increasing its debt load [3] - The significant rise in debt levels is being used to support business expansion and capital expenditures, with construction in progress amounting to 2.280 billion yuan, a 63.17% increase from the start of the year [3]