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增收不增利：凯发电气营收增22%净利反跌25%，三大隐忧浮出水面_蜘蛛资讯网

黄仁勋反驳AI末日论

边是毛利率的下行压力，一边是费用率的上行趋势，两者形成剪刀差，直接侵蚀了利润空间。财报显示，尽管公司未披露具体费用明细，但从“期间费用较去年同期有所增长”的表述可以推断，研发投入与股权激励的双重叠加，正在成为吞噬利润的“两大黑洞”。　　三、应收账款“埋雷”：坏账计提侵蚀净利润　　业务规模的增长带来了应收账款的同步攀升。公司坦言，因行业季节性特征引起的跨年款项支付，导致应收账款余额中账龄结构发生变化

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