怡合达（301029.SZ） 锂电、汽车增速亮眼，毛利率进一步恢复 中游制造/机械 2025H1 业绩：收入 14.61 亿元，同比+18.68%，归母净利润 2.82 亿元，同比 +26.49%，扣非归母净利润为 2.76 亿元，同比+25.45%。 2025Q2 业绩：收入 8.41 亿元，同比+21.79%，环比+35.65%；归母净利润 1.6 亿元，同比+26.5%，环比+31.3%；扣非归母净利润 1.54 亿元，同比+23.64%， 环比+25.67%。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 2881 | 2504 | 2898 | 3502 | 3853 | | 同比增长 | 15% | -13% | 16% | 21% | 10% | | 营业利润(百万元) | 618 | 455 | 584 | 708 | 825 | | 同比增长 | 7% | -26% | 28% | 21% | 16% | | 归母净利润(百 ...

Financial Performance - The company reported a total revenue of 132 million yuan for the first half of 2025, representing a year-on-year increase of 36.58% [1] - The net profit attributable to shareholders reached 42.58 million yuan, up 41.19% year-on-year [1] - In Q2 2025, the revenue was 74.23 million yuan, showing a 39.55% increase compared to the same quarter last year [1] - The gross margin improved to 58.42%, an increase of 3.42% year-on-year, while the net margin rose to 32.27%, up 3.38% [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 21.84 million yuan, accounting for 16.55% of revenue, a decrease of 21.2% year-on-year [1] - The operating costs increased by 30.51% due to higher sales volumes of controller and component products [3] Cash Flow and Assets - The company reported a significant increase in operating cash flow per share, which rose by 87.19% to 0.21 yuan [1] - Cash and cash equivalents saw a net decrease of 54.75%, attributed to a reduction in the redemption of maturing financial products [3] Investment and Returns - The company's return on invested capital (ROIC) was 6.62%, indicating average capital returns [2] - The company has a healthy cash asset position, which supports its debt repayment capabilities [4] Future Outlook - The company plans to improve cash flow management through better receivables management, inventory optimization, and enhanced cash flow forecasting [4]