Group 1: Company Performance - The company's gross margin improved year-on-year in the first half of 2025, driven by product structure optimization, particularly the promotion of the 800V platform for electric vehicles, and a significant increase in sales of the incentive fuses, which grew by 116% year-on-year [2][3][5] - The revenue from the incentive fuses reached 107 million yuan in the first half of 2025, with an optimistic outlook for achieving the annual target of 250 million yuan [5][10] - The company has maintained a strategy of focusing on high-quality customers in the photovoltaic industry, resulting in a revenue growth of 13.94% year-on-year, although this is below the industry average [7][8] Group 2: Market Analysis - The electric vehicle industry experienced a revenue growth of approximately 52% year-on-year in the first half of 2025, outpacing the industry average due to product upgrades and the expansion of new incentive fuse products [3][4] - The company is expanding its overseas market presence, with dedicated projects for luxury European brands expected to enter the new car release phase in October-November 2025 [4][8] - The company is actively promoting the application of incentive fuses in the renewable energy storage sector, aiming to enhance competitiveness through product performance upgrades rather than engaging in price competition [7][8] Group 3: Strategic Developments - The new general manager's appointment is part of the company's strategy to advance its internationalization efforts, bringing extensive international experience and management skills [9] - The company plans to enhance its production capacity in Thailand, with four production lines expected to be ready for mass production by the end of September 2025, and additional lines planned for 2026 [8][9] - The company is establishing a research and development center in Shanghai to focus on microelectronic technologies, including efuse, targeting the automotive low-voltage market [11][12]
泉果基金调研中熔电气，2025年上半年新能源汽车行业业务收入增速高于行业平均水平