日联科技(688531)：业绩稳兑现 内生外延促成长

Core Insights - The company reported a revenue of 460 million in the first half of 2025, representing a year-on-year growth of 38%, while the net profit attributable to shareholders was 83 million, up 8% year-on-year [1] - The growth in net profit was slower than revenue growth due to increased expenses from new overseas factories, AI research center establishment, and employee stock incentive plans [1] Revenue Breakdown - The revenue from X-ray intelligent detection equipment reached 410 million in the first half of 2025, a 41% increase year-on-year, with a gross margin improvement of 1 percentage point to 43% [2] - Revenue from integrated circuits and electronics manufacturing was 210 million, up 55% year-on-year, accounting for 46% of total revenue with a gross margin of 50% [2] - Revenue from the new energy battery detection sector was 98 million, a 69% increase year-on-year, representing 21% of total revenue with a gross margin of 32% [2] - Domestic revenue was 410 million, a 35% increase year-on-year, while export revenue was 50 million, up 83% [3] Technological Advancements and Market Position - The company secured 44 new intellectual property registrations or authorizations, including 11 invention patents, totaling 650 intellectual property rights as of June 30, 2025 [4] - New orders nearly doubled year-on-year in the first half of 2025, with contract liabilities of 75 million, a 28% increase year-on-year [4] - The company launched 8 new X-ray source products, with some gaining recognition from leading clients in the semiconductor sector [4] Mergers and Acquisitions - The company made strategic investments in Innovative Electronics and Zhuhai Jiuyuan, expanding its product offerings in X-ray detection systems and new energy power conversion [5] - The company is actively pursuing global M&A opportunities to enhance its industrial detection technology portfolio [5] Financial Forecast - Projected revenues for 2025-2027 are 1.05 billion, 1.5 billion, and 1.9 billion, with year-on-year growth rates of 41%, 43%, and 27% respectively [6] - Expected net profits for the same period are 200 million, 320 million, and 450 million, with compound annual growth rates of 46% [6]