音响电声

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国光电器2025年中报简析:增收不增利,应收账款上升
Zheng Quan Zhi Xing· 2025-08-26 23:09
| 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 30.37 Z | 38.79亿 | 27.72% | | 归母浄利润(元) | 1.05亿 | 6435.66万 | -38.61% | | 扣非净利润(元) | 7398.1万 | 3595.51万 | -51.40% | | 货币资金(元) | 30.59亿 | ﻛ 26.21亿 | -14.31% | | 应收账款(元) | 14.47亿 | 19.49 亿 | 34.72% | | 有息负债(元) | 25.02亿 | 34.69 Z | 38.69% | | 毛利率 | 12.87% | 13.16% | 2.31% | | 净利率 | 3.46% | 1.67% | -51.82% | | 三费占营收比 | 4.14% | 7.81% | 88.58% | | 每股净资产(元) | 7.12 | 7.97 | 11.92% | | 每股收益(元) | 0.19 | 0.11 | -42.11% | | 每股经营性现金流(元) | 0.23 | 0.33 ...
国光电器:拟变更募资用途超6亿投建越南基地,应对贸易风险
Nan Fang Du Shi Bao· 2025-05-09 10:32
Core Viewpoint - Company plans to change the use of approximately 622 million yuan of raised funds originally intended for an automotive audio project to invest in a sound product production project in Vietnam, aiming to enhance its ability to respond to future trade risks and accelerate capacity construction in Southeast Asia [1][8]. Group 1: Fund Allocation Changes - The original investment for the automotive audio project was 630.43 million yuan, with 621.71 million yuan planned to be raised, while the new investment for the Vietnam production project totals 661.05 million yuan, with the same amount of 621.71 million yuan allocated [2]. - The company has raised a total of approximately 1.384 billion yuan through a directed issuance, which was fully received by the end of 2023 [8]. Group 2: Business Overview - Founded in 1951 and listed in 2005, the company specializes in acoustic technology, focusing on audio electronics and lithium battery businesses, with major products including speakers, Bluetooth speakers, smart speakers, AI headphones, and automotive audio systems [3][4]. - In 2024, the company reported revenue of approximately 7.901 billion yuan, a year-on-year increase of 33.17%, marking a historical high, while net profit attributable to shareholders was approximately 250 million yuan, a decrease of 29.87% [3]. Group 3: Export Business and Trade Risks - The company's export business accounts for 79.47% of its total revenue, with significant contributions from various regions, including 29.48% from mainland China, 27.14% from the United States, and 17.50% from Europe [3][4]. - The company has indicated that international trade environment changes pose risks to its export business, potentially leading to increased costs and reduced orders [5][6]. Group 4: Production Capacity in Vietnam - The company has already invested nearly 1 billion yuan in its Vietnam production base, with ongoing projects showing significant progress [6][8]. - The new project in Vietnam aims to establish 44 production lines, with an expected annual revenue of approximately 2.683 billion yuan and a net profit of about 144 million yuan upon reaching full capacity [11].