峰岹科技(688279)：25H1业绩符合预期 电机驱控“小巨人”未来成长空间广阔

Core Viewpoint - The company reported its 2025 semi-annual results, showing a revenue increase but a decline in net profit, while maintaining a strong focus on R&D investment for future growth [1][2][3]. Financial Performance - In the first half of 2025, the company achieved a revenue of 375 million yuan, a year-on-year growth of 32.84% [1] - The net profit attributable to shareholders was 117 million yuan, a decrease of 4.51% year-on-year [1] - The non-deductible net profit was 106 million yuan, with a growth of 2.05% year-on-year [1] - In Q2 2025, the company reported a revenue of 204 million yuan, a year-on-year growth of 22.7% [1] - The net profit for Q2 was 66 million yuan, down 7.5% year-on-year [1] Expense and Profitability Analysis - The company's expense ratio for the first half of 2025 was 28.94%, an increase of 11.97 percentage points year-on-year [2] - The R&D expense ratio was 18.85%, up 4.61 percentage points year-on-year [2] - The gross profit margin was 52.41%, a slight decrease of 0.76 percentage points year-on-year [2] Market Position and Future Outlook - The company is a leader in the BLDC motor drive control chip sector and is expanding into various downstream applications such as home appliances, automotive, and industrial sectors [3] - The company expects significant revenue growth from 2025 to 2027, with projected revenues of 854 million, 1.222 billion, and 1.763 billion yuan, respectively, reflecting year-on-year growth rates of 42.3%, 43.0%, and 44.3% [3] - The forecasted net profit for the same period is 260 million, 395 million, and 626 million yuan, with growth rates of 17.0%, 51.8%, and 58.6% respectively [3]