SACO(SZ:002025) Xin Lang Cai Jing·2025-09-12 10:39Core Insights - The company reported a revenue of 2.935 billion yuan for the first half of 2025, a year-on-year increase of 0.47%, but the net profit attributable to shareholders decreased by 77.49% to 87 million yuan [1][2] - The decline in profit was attributed to extended customer acceptance cycles in the defense sector, delayed revenue recognition, and rising gold prices [2] Revenue Breakdown - Revenue from connectors and integrated interconnection products increased by 9.96% to 2.065 billion yuan, serving as the main growth driver [3] - Revenue from motors and control components decreased by 12.47% to 660 million yuan, while relays and optical communication devices also saw declines of 27.68% and 26.50%, respectively [3] Strategic Initiatives - The company is implementing a "2+N" industrial strategy focusing on major interconnection, large motors, and specialized new technologies, with 15 significant industrialization projects to enhance collaboration across the supply chain [3] - The company aims to improve delivery capabilities in the defense sector and has seen a significant increase in orders, although revenue recognition has not met expectations due to extended acceptance cycles [3] Profitability and Cost Management - The overall gross margin for the first half of 2025 was 31.94%, a decrease of 15.58 percentage points year-on-year, with the second quarter gross margin at 32.45% [4] - The gross margin for connectors and integrated interconnection products was 28.41%, down 19.32 percentage points, primarily due to rising prices of precious metals and changes in product structure [4] Future Outlook - The company forecasts net profits attributable to shareholders for 2025-2027 to be 596 million, 988 million, and 1.276 billion yuan, representing year-on-year growth rates of 72%, 66%, and 29%, respectively [5]