ELECSPN(SZ:002935) Sou Hu Cai Jing·2025-10-25 22:22Core Viewpoint - Tian'ao Electronics (002935) reported a decline in total revenue and net profit for the third quarter of 2025, despite a quarterly increase in revenue and a significant rise in quarterly net profit compared to the previous year [1]. Financial Performance - Total revenue for the third quarter of 2025 was 536 million yuan, a decrease of 7.12% year-on-year [1]. - Net profit attributable to shareholders was 15.22 million yuan, down 4.51% year-on-year [1]. - In the third quarter alone, total revenue was 218 million yuan, reflecting a 10.0% increase year-on-year [1]. - Quarterly net profit reached 6.91 million yuan, showing a substantial increase of 1329.08% year-on-year [1]. - The gross profit margin was 22.64%, down 8.77% year-on-year, while the net profit margin was 2.84%, up 2.82% year-on-year [1]. Accounts Receivable and Cash Flow - The company has a high level of accounts receivable, with accounts receivable amounting to 1.06 billion yuan, which is 1650.45% of the latest annual net profit [1]. - Operating cash flow per share was -0.19 yuan, a significant decrease of 159.29% year-on-year [1]. Cost and Expenses - Total selling, administrative, and financial expenses amounted to 65.78 million yuan, accounting for 12.28% of revenue, a decrease of 13.44% year-on-year [1]. Market Outlook - Analysts expect the company's performance for 2025 to reach approximately 99.94 million yuan, with an average earnings per share of 0.24 yuan [3]. - The company is focusing on the low-altitude economy sector, leveraging national policy support and its expertise to expand its product applications in this area [4][6]. Business Evaluation - The company's return on invested capital (ROIC) was 3.85%, indicating weak capital returns, with a historical median ROIC of 9.41% since its listing [5]. - The company maintains a healthy cash asset position, but attention is needed on cash flow and accounts receivable management [5].