调研速递|欧陆通接受中银基金等80余家机构调研 上半年营收21.20亿元亮点多

Core Viewpoint - The company has demonstrated robust revenue growth and improved profitability in the first half of 2025, despite facing challenges in the global economy [2][3]. Financial Performance - The company achieved a revenue of 2.12 billion yuan, representing a year-on-year increase of 32.59% [2]. - In Q2 alone, revenue reached 1.23 billion yuan, marking a year-on-year growth of 36.39% and a quarter-on-quarter increase of 38.71%, setting a new record for quarterly revenue [2]. - The gross margin for the reporting period was 20.31%, a decrease of 0.64 percentage points year-on-year, attributed to declining sales prices of certain products [2]. - The net profit attributable to shareholders was 134 million yuan, up 54.86% year-on-year, with a net profit margin of 6.31%, an increase of 0.91 percentage points [2]. Business Segment Performance - The power adapter segment generated revenue of 826 million yuan, a year-on-year increase of 6.61%, despite a slowdown in consumer electronics demand due to global economic conditions [2][3]. - The data center power business was the main driver of revenue growth, with revenue of 962 million yuan, a year-on-year increase of 94.30%. High-power server power revenue reached 662 million yuan, a significant increase of 216.47% year-on-year [3]. - Other power business revenue was 323 million yuan, showing a modest year-on-year growth of 0.41%, with a gross margin of 18.58%, down 1.20 percentage points [3]. Strategic Initiatives - The company is actively expanding its overseas market presence through international exhibitions and partnerships with overseas distributors [4]. - The product portfolio for data center power is diverse, covering a full range of power products, with a focus on high-power services and tracking industry upgrades and AI opportunities [4]. - R&D expenses amounted to 132 million yuan, a year-on-year increase of 28.26%, with an R&D expense ratio of 6.21%, a slight decrease of 0.21 percentage points [4].