Core Insights - The company reported a revenue of 508 million yuan for the first half of 2025, an increase of 11.20% year-on-year, while the net profit attributable to shareholders decreased by 2.14% to 94 million yuan [1] - In Q2 2025, the company achieved a revenue of 258 million yuan, reflecting a year-on-year increase of 17.10%, with a slight increase in net profit attributable to shareholders by 0.04% to 40 million yuan [1] - The company is expanding its production capacity in response to growing demand for thermal management products, with a new production base expected to be operational by June 2026, which will significantly enhance its production capabilities [2] Financial Performance - For H1 2025, the company's gross margin was 41.64%, an increase of 1.26 percentage points year-on-year, indicating stable overall business performance [1] - The company's operating expenses increased due to higher consulting service fees, employee compensation, and an increase in the number of R&D personnel, with sales, management, and R&D expense ratios rising to 3.39%, 8.58%, and 8.86% respectively [1] Future Growth Prospects - The new production base will add 1,000 tons of thermal interface materials, 12 million sets of thermal modules, and 60 million thermal plates, with an expected annual sales revenue of 644 million yuan and a profit of 67.33 million yuan once fully operational [2] - The company plans to invest up to 2 billion yuan in land acquisition for the construction of an intelligent manufacturing base, further expanding its production capacity to meet the growing demand in the consumer electronics and electric vehicle markets [2] Investment Outlook - Revenue projections for the company from 2025 to 2027 are estimated at 1.037 billion yuan, 1.329 billion yuan, and 1.664 billion yuan, with net profits of 223 million yuan, 287 million yuan, and 371 million yuan respectively [3] - A price-to-sales (PS) valuation method suggests a target price of 170.39 yuan per share, with an initial investment rating of "Buy-A" based on the anticipated capacity expansion and growing downstream demand [3]
苏州天脉(301626)：25H1营收稳健增长 扩产计划稳步推进静待产能释放