Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but anticipates growth in the second half due to a strong order backlog and increased production capacity [1][2][3]. Financial Performance - In H1 2025, the company achieved revenue of 279 million yuan, a year-on-year decrease of 24.33%, and a net profit of 113 million yuan, down 46.47% [1][2]. - The second quarter of 2025 saw a recovery in product delivery, with revenue reaching 213 million yuan, showing a quarter-on-quarter increase of 225.98% [3]. - The sales revenue from stealth structural components grew significantly, reaching 199 million yuan, accounting for 71.46% of total sales [3]. Research and Development - The company increased R&D investment, with H1 2025 R&D expenses amounting to 71 million yuan, an increase of 88.78% year-on-year, representing 25.47% of H1 revenue [2][4]. - Key R&D projects include new stealth structural components and next-generation electromagnetic measurement and control technologies [2]. Profitability - The gross profit margin for H1 2025 was 73.80%, a decrease of 4.49 percentage points, while the net profit margin was 40.63%, down 16.80 percentage points [4]. - The company's expense ratios included a period expense ratio of 36.92%, with R&D expenses constituting 25.47% of revenue [4]. Incentives and Growth Strategy - The company announced a stock incentive plan to grant 1.48375 million restricted shares, aimed at attracting and retaining talent, which is crucial for future performance [5]. - The company is advancing its fundraising projects, including the construction of a manufacturing base for electromagnetic functional materials, with a total planned investment of 618 million yuan [6]. Future Outlook - The company is transitioning into a comprehensive development phase, with projected net profits of 622 million yuan, 823 million yuan, and 1.059 billion yuan for 2025-2027, corresponding to EPS of 1.56, 2.06, and 2.65 yuan [6].
佳驰科技(688708)：季节性波动使H1业绩短期受阻 订单充足全年业绩可期