POCO(SZ:300811) Xin Lang Cai Jing·2025-08-31 02:50Core Insights - The company achieved a revenue of 861 million yuan in H1 2025, representing an increase of 8.11%, and a net profit attributable to shareholders of 191 million yuan, up by 3.28% [1] - The growth in revenue is primarily driven by the metal soft magnetic core segment, which saw a revenue increase of 11.97% to 657 million yuan, supported by demand from new infrastructure and AI applications [2] - The company is expanding its production capacity and investing in new projects to meet the growing market demand, particularly in the electric vehicle and AI sectors [2][3] Financial Performance - In H1 2025, the company reported a gross margin of 39.77% and a net margin of 22.29%, with slight decreases of 0.71 and 0.91 percentage points year-on-year [2] - The second quarter of 2025 showed a significant recovery in profitability, with gross and net margins improving to 41.44% and 24.81%, respectively, due to the recovery of chip inductor shipments [2] Business Segments - The metal soft magnetic powder segment achieved a remarkable growth of 90.35%, driven by strong demand in emerging applications such as electric vehicles and AI servers [2] - The inductor components segment experienced a decline of 9.71% in revenue, attributed to a transition in customer solutions, but is expected to recover as new solutions are implemented [2] Investment Outlook - The company is well-positioned to benefit from the growth in the AI sector by extending its business into upstream chip inductors and forming partnerships with leading GPU manufacturers [3] - Revenue projections for 2025-2027 are 2.08 billion, 2.62 billion, and 3.19 billion yuan, with expected growth rates of 24.9%, 26.0%, and 21.8% respectively [3]