欧陆通：上半年净利润同比增长55%，数据中心电源业务引领增长

Core Insights - The company reported a significant increase in revenue and profit for the first half of 2025, with total revenue reaching 2.12 billion yuan, a year-on-year growth of 32.59%, and a net profit of 134 million yuan, up 54.86% [1] - The company plans to distribute cash dividends of 4.34 yuan per 10 shares, totaling 46.8 million yuan [1] Business Performance - The power adapter business, the company's most stable segment, generated 826 million yuan in revenue, a 6.61% increase year-on-year, despite challenges in the global consumer electronics market [2] - The data center power business saw robust growth, with revenue of 962 million yuan, a 94.30% increase year-on-year, accounting for 45.37% of total revenue [3] - High-power server power revenue surged to 662 million yuan, a remarkable increase of 216.47%, making it a key driver of the company's performance [3] - Other power business revenue remained stable at 323 million yuan, with a slight increase of 0.41% year-on-year [3] Strategic Focus - The company is focusing on the growing demand for AI computing power, with predictions indicating that AI-related electricity consumption could reach ten times the 2023 levels by 2026 [4] - The company has established itself as a leader in the server power sector, leveraging over ten years of technical expertise to capitalize on the AI server market [4][5] - The company offers a comprehensive range of high-power server power products, including various wattage solutions, positioning itself to meet the increasing power demands of AI servers [5] Research and Development - The company increased its R&D investment to 132 million yuan, a 28.26% rise, with a R&D expense ratio of 6.21%, enhancing its long-term growth potential [7] - The company holds numerous patents, including 28 invention patents and 162 utility model patents, establishing a strong technical barrier [7] Global Expansion - The company is accelerating its global business strategy, with production bases in Vietnam and Mexico to support international delivery [7] - The company aims to expand its data center power capacity and explore new application areas to capture more market share domestically and internationally [7]