SW电子2025H1业绩向好，关注自主可控与AI算力双主线

Core Viewpoint - The SW electronics industry showed positive performance in the first half of 2025, with improved profitability and revenue growth [2][3] Revenue Performance - The SW electronics industry achieved a revenue of 1,846.095 billion yuan in the first half of 2025, representing a year-on-year increase of 19.10% [1][2] Cost and Expense Management - The overall expense ratio for the period was 10.62%, a decrease of 0.65 percentage points year-on-year, indicating effective cost control [1][2] Profitability - The net profit attributable to shareholders reached 84.04 billion yuan, up 29.29% year-on-year, which is higher than the revenue growth rate [1][2] - The gross margin and net margin were 15.68% and 4.45%, respectively, with year-on-year changes of -0.09 percentage points and +0.44 percentage points, reflecting an overall improvement in industry profitability [1][2] Sector-Specific Insights - Semiconductors: Profitability improved, with strong performance in chip design and integrated circuit manufacturing. The demand for AI computing power and recovery in terminal device demand contributed to growth [3] - Consumer Electronics: Demand growth driven by national subsidy policies, though brand consumer electronics faced pressure from raw material costs. The second half of the year is expected to see further improvement due to new product launches and seasonal sales [3] - Optoelectronics: Significant year-on-year growth in net profit, particularly in the panel sector, which saw a 193.31% increase in net profit due to optimized supply chain dynamics [3] - Components: Steady growth in performance, with AI computing power driving demand for server PCBs, leading to a 58.89% increase in net profit for the printed circuit board sector [4] Investment Recommendations - The SW electronics industry is expected to continue its positive trajectory, with strong performance in sectors such as PCB, analog chip design, digital chip design, integrated circuit manufacturing, and panels [4]