Core Viewpoint - The company, China Electronics Technology Group Corporation Blue Sky Technology Co., Ltd. (stock code: 688818), has been listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board with a market capitalization exceeding 100 billion yuan, focusing on aerospace power, special power, and new energy applications and services [1] Financial Performance - In the first half of 2025, the company reported an operating profit of 6.53 billion yuan and a net profit of 5.95 billion yuan, with a significant increase in net profit from 1.90 billion yuan in 2023 to 3.34 billion yuan in 2024 [2] - The company's revenue for 2022, 2023, and 2024 was 2.52 billion yuan, 3.52 billion yuan, and 3.13 billion yuan respectively, showing a compound annual growth rate of only 11.37% despite a nearly 40% growth followed by an 11.27% decline [2] Asset Quality - The proportion of accounts receivable to revenue increased from 45.27% to 66.54% over three years, indicating a slowdown in cash collection and significant liquidity strain [3] - The company’s core business, aerospace power, faces challenges with negative gross margins in commercial aerospace products and cost pressures in traditional aerospace sectors [3] Innovation and R&D - The company has a research and development expense ratio of approximately 6.4%, which is below the industry average on the Sci-Tech Innovation Board, and has only added 29 new patents from 2022 to 2024, indicating a slow pace of innovation [3] Profitability and Cash Flow - The gross margins for the years 2022, 2023, and 2024 were 24.74%, 21.17%, and 26.08% respectively, reflecting instability in cost control and product structure [4] - The net cash flow from operating activities showed significant volatility, with figures of 5.64 billion yuan, -5.7 billion yuan, and 1.06 billion yuan, and a projected -6.32 billion yuan for the first half of 2025, raising concerns about the quality of profits [4] Overall Assessment - The company possesses a solid industry foundation; however, its profitability stability, cash flow performance, asset quality, and innovation intensity will be critical factors during the capital market's scrutiny in the listing review process [5]
电科蓝天冲刺科创板：业务盈利和现金流结构成上市考题