Core Viewpoint - The company reported a slight revenue increase in the first half of 2025, driven by strong performance in signal products despite challenges in power magnetic components [1][2]. Group 1: Financial Performance - The company achieved a revenue of 205 million yuan, representing a year-on-year growth of 2.98% [1]. - Net profit attributable to shareholders was 10.51 million yuan [1]. - Revenue from signal magnetic components reached 148 million yuan, accounting for 72.05% of total revenue, with an 8.71% growth [1]. Group 2: Product Performance - Signal products, including network transformers and BMS transformers, continued to perform well in the 5G communication and automotive Ethernet sectors, maintaining a high gross margin [1][2]. - Revenue from power magnetic components decreased by 7.99% to 54.15 million yuan due to increased customization demands and pricing pressures from clients [1]. Group 3: Research and Development - The company focused on production automation and improving yield rates, with R&D expenses reaching an industry-leading level [2]. - The R&D team expanded to 18% of total employees, an increase of 3 percentage points from the end of 2024 [2]. - New patents were granted for Ethernet interface modules and electronic devices, with core product yield rates improving by 2.3 percentage points [2]. Group 4: Market Outlook - The global magnetic components market is projected to reach 28.6 billion USD by 2025, with significant growth in the electric vehicle and AI infrastructure sectors exceeding 20% [2]. - The company is adjusting its production capacity, positioning its Shenzhen subsidiary as a research center for automotive products and focusing its Shanghai branch on communication device customer service [2]. Group 5: Strategic Initiatives - The company aims to strengthen its position in signal products while accelerating breakthroughs in power products for emerging applications, such as the 800V high-voltage platform [3]. - Management anticipates a performance trend of lower results in the first half of the year followed by improvement in the second half, supported by seasonal demand and favorable new energy policies [3].
美信科技：上半年公司信号类产品营收增长8.71%