POCO(SZ:300811) Xin Lang Cai Jing·2025-08-29 06:47Performance Summary - In H1 2025, the company achieved revenue of 861 million yuan, a year-on-year increase of 8.1%, and a net profit attributable to shareholders of 191 million yuan, up 3.3% year-on-year [1] - Q2 2025 saw revenue of 477 million yuan, a year-on-year increase of 3.5% and a quarter-on-quarter increase of 24.5%, with net profit attributable to shareholders reaching 118 million yuan, up 3.4% year-on-year and 59.3% quarter-on-quarter [1] - The revenue from soft magnetic powder cores, chip inductors, and metal soft magnetic powder was 657 million, 176 million, and 26 million yuan respectively, with soft magnetic powder cores growing by 12.0% year-on-year, while chip inductors declined by 9.7% [1] Profitability Analysis - The gross margin for H1 2025 was 39.8%, a decrease of 0.7 percentage points year-on-year, while Q2 2025 gross margin was 41.4%, down 0.9 percentage points year-on-year but up 3.8 percentage points quarter-on-quarter [2] - The net profit margin for H1 2025 was 22.3%, a decrease of 0.9 percentage points year-on-year, with Q2 2025 net profit margin at 24.8%, showing an increase of 0.3 percentage points year-on-year and 5.7 percentage points quarter-on-quarter [2] Cash Flow and Growth Drivers - In H1 2025, the net operating cash flow was 260 million yuan, a significant increase of 119.6% year-on-year, indicating potential for continued cash flow improvement [3] - The company has established long-term stable partnerships with major brands such as BYD, Gree, Huawei, and MPS, and has completed the R&D of the fifth generation of iron-silicon magnetic powder cores, positioning itself to benefit from growth in the energy storage and new energy vehicle markets [3] - The company is expanding its customer base and has formed partnerships with several global manufacturers, while also exploring new application areas such as ASIC, optical modules, DDR, and consumer electronics, particularly in the context of AI server deployments by major tech companies [3] Investment Outlook - As a leading domestic manufacturer of alloy soft magnetic powder cores, the company is well-positioned in the high-growth energy storage and new energy sectors, with chip inductors opening a second growth avenue [4] - Projected net profits for 2025-2027 are 450 million, 620 million, and 810 million yuan respectively, with corresponding price-to-earnings ratios of 50, 37, and 28 times based on current stock prices [4]