OLYMPIC(SH:603920) Xin Lang Cai Jing·2025-08-28 08:43Core Viewpoint - The company reported a steady growth in revenue and net profit for the first half of 2025, driven by increased business volume and product structure optimization [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 2.579 billion yuan, representing a year-over-year increase of 7.64% - The net profit attributable to shareholders was 384 million yuan, up 26.89% year-over-year - The non-recurring net profit was 357 million yuan, reflecting a year-over-year increase of 19.55% - In Q2 2025, revenue reached 1.361 billion yuan, a year-over-year increase of 4.55% - The net profit attributable to shareholders for Q2 was 204 million yuan, up 5.23% year-over-year - The non-recurring net profit for Q2 was 186 million yuan, showing a year-over-year decrease of 2.00% [1][2]. Business Development - The company is actively expanding its automotive business, particularly in the new energy vehicle market, supplying major brands such as Tesla, BMW, and Toyota - It is also introducing high-value products related to autonomous driving, including smart cockpit controllers and radar circuit boards - In the AI server segment, the company has achieved mass production capabilities for various types of PCBs required for mainstream AI servers - The company has entered the supply chain of NVIDIA and AMD through OEM partnerships and is involved in the development of next-generation products - In the robotics sector, the company has been developing PCBs for humanoid robots since 2020 and has secured partnerships with leading companies in this field [3]. Profit Forecast and Investment Recommendation - The company is expected to maintain steady growth, with a positive outlook in the automotive and data communication PCB industries - The profit forecast for 2025-2027 has been adjusted to 871 million yuan, 1.245 billion yuan, and 1.651 billion yuan respectively - Based on comparable companies' valuations, a target price of 51.9 yuan has been set for 2026, maintaining a "strong buy" rating [4].