国金证券：25H1电子行业继续向好 AI-PCB产业链业绩持续高增长

Core Insights - The electronic industry in 2025 H1 achieved a revenue of 1,850.3 billion yuan, a year-on-year increase of 19%, with a net profit of 85.2 billion yuan, up 31% [1] - The demand for AI cloud computing hardware is expected to remain strong, driving significant growth in the industry [1][2] - The PCB sector is benefiting from robust demand, with 2025 H1 revenue reaching 132.7 billion yuan, a 25.2% increase, and net profit of 12.39 billion yuan, up 59.3% [2] - The semiconductor equipment sector is accelerating its domestic production, with 2025 H1 revenue of 38.92 billion yuan, a 31.7% increase, and net profit of 6.31 billion yuan, up 20.3% [3] - The design sector reported a revenue of 58.137 billion yuan in 2025 H1, a 19.5% increase, with net profit rising 67.5% to 8.62 billion yuan [4] Electronic Industry Performance - In 2025 H1, the electronic industry saw a revenue of 1,850.3 billion yuan, with a net profit of 85.2 billion yuan, reflecting strong growth [1] - The gross margin for 2025 H1 was 15.8%, with a net margin of 4.5%, showing improvements compared to the previous year [1] PCB Sector Insights - The PCB sector's revenue in 2025 H1 was 132.7 billion yuan, with a net profit of 12.39 billion yuan, indicating strong performance driven by AI demand [2] - The second quarter of 2025 saw PCB revenue of 70.25 billion yuan, a 24.5% increase, and net profit of 7.01 billion yuan, up 56.6% [2] Semiconductor Equipment Sector - The semiconductor equipment sector reported a revenue of 38.92 billion yuan in 2025 H1, with a net profit of 6.31 billion yuan, reflecting a strong growth trajectory [3] - The second quarter of 2025 saw revenue of 21.04 billion yuan, a 33.5% increase, and net profit of 3.74 billion yuan, up 19.4% [3] Design Sector Performance - The design sector achieved a revenue of 58.137 billion yuan in 2025 H1, with a net profit of 8.62 billion yuan, benefiting from domestic substitution trends [4] - The second quarter of 2025 saw revenue of 32.04 billion yuan, a 21.9% increase, and net profit of 5.16 billion yuan, up 64.4% [4] Other Electronic Segments - Other electronic segments, including consumer electronics and automotive electronics, reported varied performance, with significant growth in some areas [5] - In 2025 H1, consumer electronics revenue was 878.43 billion yuan, with a net profit of 32.79 billion yuan, reflecting a 15.4% increase [4][5] Investment Outlook - The demand for AI-related products is expected to drive growth in the semiconductor and electronic sectors, with a focus on AI-PCB and domestic production benefiting from ongoing trends [6]