东睦股份上半年净利同比增37.61% 折叠机铰链成重要增长极

Core Viewpoint - Dongmu Co., Ltd. reported strong financial performance in the first half of 2025, with significant growth in revenue and net profit, driven by advancements in powder metallurgy technology and expanding applications in various sectors [1][2]. Financial Performance - In the first half of 2025, Dongmu achieved revenue of 2.93 billion yuan, a year-on-year increase of 24.51% [1] - The net profit attributable to shareholders was 261 million yuan, up 37.61% year-on-year [1] - The net profit after deducting non-recurring items was 250 million yuan, reflecting a growth of 40.61% [1] Business Segments - The company's three technology platforms (P&S, SMC, and MIM) generated significant revenue, with MIM showing the highest growth [1] - Revenue from the P&S platform was 1.261 billion yuan, a year-on-year increase of 13.59% [1] - The SMC platform revenue was 444 million yuan, down 2.68% year-on-year [1] - MIM platform revenue reached 1.207 billion yuan, marking a substantial growth of 57.26% [1] Market Trends - The MIM technology is primarily applied in the consumer electronics sector, which accounted for approximately 82.16% of MIM revenue [1] - The medical sector contributed about 3.89%, while the automotive sector accounted for 8.33% of MIM revenue [1] - The folding machine hinge has emerged as a significant growth driver for the company [1] Strategic Initiatives - Dongmu is expanding its market presence beyond consumer electronics, focusing on non-consumer electronics and material technology advancements [2] - The company is actively pursuing research and development in the MIM titanium alloy sector, anticipating demand from AI and computing infrastructure [2] - In June 2025, Dongmu announced plans to acquire a 34.75% stake in Shanghai Fuchi Technology Co., Ltd. for 735 million yuan, alongside a fundraising initiative of up to 548 million yuan [2][3] Competitive Landscape - Shanghai Fuchi, a key player in the MIM industry, has over 20 years of experience and operates in various sectors including telecommunications, automotive, and medical [3] - Major competitors in the MIM space include Jingyan Technology, Tonglian Precision, Changying Precision, and Luxshare Precision [3] Infrastructure Development - Dongmu's wholly-owned subsidiary, Shanxi Dongmu Magnetic Electric Co., Ltd., received a property certificate for a project aimed at producing 60,000 tons of soft magnetic materials annually [3]