经纬恒润(688326)：域控制器大单品放量 Q2公司业绩扭亏为盈

Core Viewpoint - The company reported strong revenue growth in the first half of 2025, driven by robust demand in the automotive electronics sector, particularly in domain controllers, while also narrowing its net loss compared to the previous year [1][2][3]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 2.91 billion yuan, a year-on-year increase of 43.5%, with Q2 revenue reaching 1.58 billion yuan, up 38.9% year-on-year and 19.0% quarter-on-quarter [1][2]. - The net loss for H1 2025 was 90 million yuan, a reduction from previous losses, with Q2 showing a turnaround to a net profit of 30 million yuan [1][3]. - The gross margin for H1 2025 was 23.2%, an increase of 0.6 percentage points year-on-year, while Q2 gross margin improved to 24.6%, up 3.7 percentage points year-on-year and 3.2 percentage points quarter-on-quarter [3]. Group 2: Product and Market Development - The company’s automotive electronics products, including domain controllers, saw significant revenue growth, with automotive electronics revenue reaching 2.55 billion yuan, up 51.5% year-on-year [2]. - The company is actively developing new product categories, including smart driving domain controllers and chassis domain controllers, with strategic partnerships and new product launches planned for the near future [4]. Group 3: Future Outlook - Based on the performance in H1 2025, the company projects revenues of 7 billion, 8.3 billion, and 9.8 billion yuan for 2025-2027, representing year-on-year growth rates of 25%, 19%, and 18% respectively [5]. - The company anticipates a turnaround in net profit for 2025, with projections of 70 million yuan, followed by significant growth in subsequent years [5].