Cosonic(SZ:300793) Xin Lang Cai Jing·2025-08-31 04:44Core Insights - The company reported a revenue of 1.005 billion yuan for the first half of 2025, a year-on-year decrease of 10.82%, and a net profit attributable to shareholders of 25 million yuan, down 38.12% year-on-year [1] - The gross profit margin was 14.07%, a decline of 1.72 percentage points compared to the previous year [1] - The company is facing pressure on profits due to various factors, including increased competition in the downstream market and rising management costs from relocating some production to Vietnam [1] Financial Performance - Revenue: 1.005 billion yuan, down 10.82% year-on-year [1] - Net profit: 25 million yuan, down 38.12% year-on-year [1] - Non-recurring net profit: 3 million yuan, down 90.60% year-on-year [1] - Gross profit margin: 14.07%, down 1.72 percentage points [1] Business Segments - Headphones and speakers accounted for 85.92% of the company's main business revenue [1] - Smart wearable products represented 10.14% of main business revenue, showing significant growth compared to the previous year [1] - New energy storage products contributed 1.88% to main business revenue [1] Strategic Developments - The company plans to acquire the well-known audio brand Beyerdynamic to enhance brand operation capabilities and improve profitability [2] - In the AI/AR glasses sector, the company is maintaining production for existing clients while developing new products in collaboration with new clients [2] - The company's dual approach of internal and external growth in the audio and smart glasses sectors is expected to create new growth opportunities [2] Future Outlook - The company anticipates net profits of 75 million yuan, 145 million yuan, and 261 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.20, 0.38, and 0.69 yuan [2] - The projected PE ratios are 94.52, 49.20, and 27.36 for the same years [2]