开源证券8月15日发布研报称，给予奥士康（002913.SZ，最新价：39.2元）买入评级。评级理由主要包 括：1）服务器、汽车电子、AIPC等多驾马车并驾齐驱，业务多点开花；2）持续布局高端产能，长期 增长动力充足。风险提示：下游需求不景气；竞争加剧影响盈利能力；客户导入节奏不及预期。 （文章来源：每日经济新闻） ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Views - The company has experienced a turnaround in performance expectations, entering a phase of growth across multiple sectors, particularly in AI and automotive electronics [6][7] - The company is expanding its high-end production capacity, which is expected to drive long-term growth [8] Financial Performance Summary - In H1 2025, the company achieved a revenue of 2.565 billion yuan, representing a year-over-year increase of 19.43%. However, the net profit attributable to shareholders was 196 million yuan, down 11.96% year-over-year [6] - For Q2 2025, revenue was 1.401 billion yuan, up 19.65% year-over-year and 20.33% quarter-over-quarter. The net profit for Q2 was 84 million yuan, down 24.61% year-over-year and 25.56% quarter-over-quarter [6] - The gross margin for Q2 was 20.91%, a decrease of 2.95 percentage points year-over-year, and the net margin was 5.66%, down 3.81 percentage points year-over-year [6] Revenue and Profit Forecast - The forecast for net profit attributable to shareholders for 2025, 2026, and 2027 is 525 million, 745 million, and 987 million yuan respectively, with corresponding EPS of 1.66, 2.35, and 3.11 yuan [6][10] - The company expects a significant revenue increase in the coming years, with projected revenues of 5.552 billion, 7.199 billion, and 9.071 billion yuan for 2025, 2026, and 2027 respectively [10] Business Development - The company is diversifying its product structure, with significant growth in data center and server revenues, as well as automotive electronics [7] - The company has established stable partnerships with several well-known Tier 1 manufacturers in the automotive electronics sector [7] Capacity Expansion - The company is in the process of ramping up production capacity at its Thailand factory, which focuses on high-end PCB products for AI servers and automotive electronics [8] - A recent announcement indicated plans to issue convertible bonds to raise up to 1 billion yuan for high-end PCB projects, with a total planned investment of 1.82 billion yuan [8]

Core Viewpoint - The recent financial report of Aoshikang (002913) shows a significant increase in revenue but a decline in net profit, indicating potential challenges in profitability despite growth in sales [1][2]. Financial Performance - The total revenue for the first half of 2025 reached 2.565 billion yuan, a year-on-year increase of 19.43% [1]. - The net profit attributable to shareholders was 196 million yuan, down 11.96% compared to the previous year [1]. - In Q2 2025, revenue was 1.401 billion yuan, reflecting a 19.65% year-on-year growth, while net profit for the quarter was 83.57 million yuan, a decrease of 24.61% [1]. - The gross margin was 22.34%, down 9.46% year-on-year, and the net margin was 7.47%, down 27.91% [1]. - Total operating expenses (sales, management, and financial expenses) amounted to 212 million yuan, accounting for 8.25% of revenue, an increase of 3.97% year-on-year [1]. Cash Flow and Debt - The net cash flow from operating activities decreased by 41.53%, attributed to increased inventory reserves [2]. - The net increase in cash and cash equivalents fell by 31.78%, also influenced by operating activities [2]. - The company’s cash and cash equivalents to current liabilities ratio is 93.44%, indicating a need for attention to cash flow management [3]. Accounts Receivable - Accounts receivable reached 1.468 billion yuan, representing 415.67% of the net profit, highlighting a significant concern regarding collection efficiency [1][3]. Business Model and Market Position - The company relies heavily on research and development for its performance, necessitating a thorough examination of the underlying drivers of this growth [3]. - The return on invested capital (ROIC) for the previous year was 6.45%, which is considered average, with a historical median ROIC of 11.53% since its listing [2]. Analyst Expectations - Analysts project that the company will achieve a revenue of 5.42 billion yuan in 2025, with an average earnings per share of 1.71 yuan [3].

跟踪1000价值稳健的公募基金包括：华夏中证智选1000价值稳健策略联接A、华夏中证智选1000价值稳 健策略联接C、华夏中证智选1000价值稳健策略ETF。 从指数持仓来看，中证智选1000价值稳健策略指数十大权重分别为：方大特钢（1.22%）、金田股份 （1.16%）、奥士康（1.08%）、申通快递（1.08%）、吉比特（1.03%）、康缘药业（1.01%）、骆驼股 份（0.99%）、宁波华翔（0.98%）、柳药集团（0.98%）、塔牌集团（0.97%）。 从中证智选1000价值稳健策略指数持仓的市场板块来看，深圳证券交易所占比51.69%、上海证券交易 所占比48.31%。 从中证智选1000价值稳健策略指数持仓样本的行业来看，工业占比26.06%、原材料占比17.88%、医药 卫生占比14.26%、可选消费占比12.33%、信息技术占比8.56%、公用事业占比5.08%、通信服务占比 4.50%、主要消费占比4.42%、金融占比3.78%、能源占比1.61%、房地产占比1.54%。 资料显示，指数样本每季度调整一次，样本调整实施时间分别为每年3月、6月、9月和12月的第二个星 期五的下一交易日。权重因 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is expected to experience stable growth, with significant opportunities in the server and AIPC sectors, which will drive future growth [4][10] - The company has a diversified product matrix in the PC sector, leveraging its HDI technology to strengthen its competitive position [8] - The automotive electronics sector is being targeted for expansion, focusing on key components for smart vehicles, particularly in the new energy vehicle market [8] - In the data center and server fields, the company is advancing its technology and product offerings to maintain its industry position [8] Financial Summary - The company reported a revenue of 2.565 billion yuan in H1 2025, a year-on-year increase of 19.43%, while the net profit attributable to the parent company was 196 million yuan, a decrease of 11.96% [6] - For Q2 2025, the revenue was 1.401 billion yuan, reflecting a year-on-year increase of 19.65% and a quarter-on-quarter increase of 20.33% [6] - The projected revenue for 2025 is 5.631 billion yuan, with a year-on-year growth rate of 23% [4] - The projected net profit for 2025 is 475 million yuan, with a year-on-year growth rate of 34% [4] Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 27.9, 18.5, and 14.6 respectively [4] - The projected P/B ratios for the same years are 2.8, 2.5, and 2.2 respectively [4] Growth Potential - The company is expected to achieve a net profit of 4.75 billion yuan in 2025, 7.17 billion yuan in 2026, and 9.09 billion yuan in 2027 [10] - The company is focusing on enhancing its production capabilities and technological advancements in its Thailand base, which is crucial for its global expansion strategy [9]

Core Insights - The company reported a revenue of 2,564,546,348.28 yuan for the first half of 2025, representing a year-on-year growth of 19.43% [2] - The net profit attributable to shareholders decreased to 195,849,763.70 yuan, showing a decline of 11.96% compared to the previous year [2] Financial Performance - Revenue for the first half of 2025: 2,564.55 million yuan, up 19.43% year-on-year [2] - Net profit for the same period: 195.85 million yuan, down 11.96% year-on-year [2]

Core Viewpoint - Aoshikan Technology Co., Ltd. reported a revenue increase of 19.43% year-on-year for the first half of 2025, reaching approximately 2.565 billion yuan, but a net profit decrease of 12.79% to about 184 million yuan, attributed to the ramp-up of production capacity and yield at its Thailand factory [1][2] Group 1: Company Performance - The company experienced a revenue growth of 19.43% year-on-year, with revenue reaching approximately 2.565 billion yuan [1] - The net profit attributable to shareholders decreased by 12.79% year-on-year, amounting to about 184 million yuan [1] - The decline in profit is primarily due to the ongoing ramp-up of production capacity and yield at the Thailand factory [1][2] Group 2: Thailand Factory - The Thailand factory is a key support point for the company's global capacity layout, leveraging local resource advantages, favorable policies, and convenient logistics [2] - The factory is currently focused on high-end PCB products for AI servers, AIPC, and automotive electronics, fulfilling overseas orders [2] - The ramp-up cycle for PCB factory capacity typically takes around 12 months, indicating that the Thailand factory is entering a critical phase of capacity release [2] Group 3: Raw Material and Costs - Despite high copper prices, the company has secured sufficient materials in advance and has risk hedging measures in place, minimizing the impact on gross margins for PCB products [2] - The increase in sales expenses by 30.08% year-on-year is attributed to the introduction of new products and the expansion into new markets, including the establishment of a sales team in North America [2]

Group 1 - On August 12, a total of 10 companies were investigated by institutions, with 7 companies being surveyed by funds, highlighting a significant interest in certain firms [1] - The most notable company was Aoshikang, which attracted 17 funds for the survey, followed by Sanxin Medical and Wancheng Group with 14 and 12 funds respectively [1] - Among the surveyed companies, 4 were from the Shenzhen main board and 3 from the ChiNext board, indicating a diverse representation across different market segments [2] Group 2 - The total market capitalization of the surveyed companies included 2 with a market cap over 50 billion yuan, and 1 company, Sanxin Medical, with a market cap below 10 billion yuan [2] - In terms of market performance, 6 out of the surveyed stocks increased in value over the past 5 days, with Sanxin Medical leading at a 20.11% increase, followed by Keshida and Wancheng Group with increases of 14.51% and 11.82% respectively [2] - Among the surveyed companies, 3 have released their semi-annual reports, with Sanxin Medical and Shuanghui Development showing the highest net profit growth rates of 8.35% and 1.17% respectively [2]

Core Insights - The company reported a revenue of 2,564,546,348.28 yuan for the first half of 2025, representing a year-on-year growth of 19.43%, while the net profit attributable to shareholders decreased by 11.96% to 195,849,763.7 yuan [2][4] - Total assets reached 8,468,050,642.4 yuan, a 5.26% increase compared to the previous year, while net assets attributable to shareholders saw a minimal increase of 0.01% [3][4] Financial Performance - Revenue for the first half of 2025 was 2,564,546,348.28 yuan, up from 2,147,370,990.70 yuan in the same period last year, marking a growth of 19.43% [4] - Net profit attributable to shareholders was 195,849,763.7 yuan, down from 222,453,160.53 yuan, reflecting a decline of 11.96% [4] - The net profit after excluding non-recurring gains and losses was 183,779,370.54 yuan, a decrease of 12.79% from 210,731,909.09 yuan [4] - The net cash flow from operating activities was 190,186,846.05 yuan, down 41.53% from 325,298,206.94 yuan [4] - Basic and diluted earnings per share were both 0.62 yuan, down 11.43% from 0.70 yuan [4] - The weighted average return on equity was 4.40%, a decrease of 0.89% from 5.29% [4] Industry Trends - The PCB industry continued to grow in the first half of 2025, driven by demand in sectors such as servers/data storage, communication infrastructure, and automotive [5] - According to Prismark, the global PCB industry is projected to reach a value of 78.563 billion USD in 2025, with a year-on-year growth of 6.8% [5] - By 2029, the global PCB industry value is expected to grow to 94.661 billion USD, with a compound annual growth rate of 5.2% from 2024 to 2029 [5] Product Development and Market Expansion - The company has a broad application range, focusing on data centers and servers, automotive electronics, and consumer electronics, while also expanding into energy, power, and industrial control medical sectors [5][6] - In the data center and server sector, the company has enhanced its market competitiveness by developing high-performance PCB products that meet the high demands for performance and reliability [5][6] - In the automotive electronics sector, the company is focusing on high-end products related to electric and intelligent vehicles, establishing long-term partnerships with international automotive brands and Tier 1 suppliers [6] - The consumer electronics sector is experiencing innovation driven by AI, with the company quickly entering the AI personal computer (AIPC) market and optimizing its product structure to meet evolving customer needs [7]

Summary of Key Points Core Viewpoint - In August 2023, 30 companies released their semi-annual reports for 2025, with 20 companies reporting year-on-year profit growth and 19 companies showing revenue growth. Notably, 17 companies experienced simultaneous growth in both net profit and revenue, while 8 companies reported declines in both metrics. The most significant profit increase was observed in Zhenlei Technology, with a staggering growth rate of 1006.99% [1]. Group 1: Company Performance - Zhenlei Technology reported a net profit of 62.32 million yuan, with a year-on-year increase of 1006.99%, and revenue of 204.87 million yuan, up 73.64% [1]. - Yangfan New Materials achieved a net profit of 23.14 million yuan, reflecting a 208.94% increase, with revenue of 47.30 million yuan, up 47.93% [1]. - Zhongke Sanhuan reported a net profit of 43.99 million yuan, a 160.82% increase, but a revenue decline of 11.17% to 292.20 million yuan [1]. - Haineng Technology's net profit reached 5.47 million yuan, up 139.03%, with revenue of 13.61 million yuan, increasing by 34.87% [1]. - Daoshi Technology reported a net profit of 230.39 million yuan, a 108.16% increase, but a revenue decline of 11.64% to 365.38 million yuan [1]. Group 2: Notable Declines - Yunzhu Technology reported a net loss of 99.94 million yuan, a decline of 262.76%, with revenue of 24.62 million yuan, down 17.66% [2]. - Guizhou Moutai's net profit was 4.54 billion yuan, an 8.89% increase, with revenue of 9.11 billion yuan, up 9.16% [1][2]. - Huajin Group reported a net loss of 98.91 million yuan, a decline of 33.15%, with revenue of 2.01 billion yuan, down 5.01% [2]. - Ganyuan Food reported a net profit of 7.46 million yuan, down 55.20%, with revenue of 944.99 million yuan, down 9.34% [2].