Xin Lang Cai Jing·2025-09-11 11:09Core Viewpoint - Guangdong Meixin Technology Co., Ltd. recently held a specific investor survey, discussing the company's current situation, recent business developments, and future directions with institutions like CICC and Great Wall Wealth [1][2]. Group 1: Financial Performance - In the first half of 2025, Meixin Technology experienced a "slight revenue increase but profit pressure," with revenue of 205 million yuan, a year-on-year growth of 2.98%, and a net profit attributable to shareholders of 10.51 million yuan, a decline of 7.64% [3]. - The core reasons for the performance pressure include pricing pressure from downstream customers in the power magnetic components business and the need for small-batch, diversified customization, which has narrowed profit margins [3]. - The signal magnetic components business performed well, generating revenue of 148 million yuan, a year-on-year increase of 8.71%, driven by an increase in high-value-added product ratios [3]. Group 2: Competitive Advantages - The competitive advantage of the signal magnetic components business stems from "technical accumulation + product coverage + customer stickiness," with over 20 years of deep cultivation in high-end products [3]. - The company has achieved performance parity with foreign manufacturers in high-end models such as 2.5G, 5G, and 10G, gaining recognition from well-known domestic and international clients [3]. - In the mid-to-low-end market, the company is enhancing customer cooperation stickiness by replacing conventional network transformer products with "high-cost performance chip inductors" [3]. Group 3: Challenges and Improvements - The power magnetic components business faced slow progress in the first half of the year due to market demand pressures, high R&D testing costs, and delayed scale effects [3]. - The company has developed optimization strategies, including improving internal efficiency and establishing partnerships with multiple vehicle manufacturers to expand market coverage [3]. Group 4: Future Market Opportunities - Future opportunities are centered around "deepening signal business and breaking through power business," with a full range of signal products expected to meet diverse needs [3]. - The chip inductors have advantages that may enhance market share in the communication equipment sector, while new products are anticipated to enter the new energy vehicle electronics field [3]. - The power products have broad applications, and with the expansion of demand in fields like AI, the company aims to leverage industry benefits and product advantages for scalable breakthroughs, potentially becoming a new profit growth point [3].