Shenzhen Honor Electronic (SZ:300870) Xin Lang Cai Jing·2025-09-26 08:12Core Viewpoint - Shenzhen Oulutong Electronics Co., Ltd. has demonstrated robust growth in its performance for the first half of 2025, despite facing global economic challenges, particularly in the power supply sector [2][3]. Financial Performance - The company achieved a revenue of 2.12 billion yuan, marking a year-on-year increase of 32.59%. The second quarter alone saw revenue of 1.23 billion yuan, up 36.39% year-on-year and 38.71% quarter-on-quarter, setting a new record for quarterly revenue [2]. - The gross profit margin for the first half was 20.31%, a decrease of 0.64 percentage points year-on-year, attributed to a decline in sales prices of certain products [2]. - The net profit attributable to shareholders was 134 million yuan, reflecting a year-on-year growth of 54.86%, with a net profit margin of 6.31%, an increase of 0.91 percentage points year-on-year [2]. Business Segments - The power adapter segment generated revenue of 826 million yuan, a growth of 6.61% year-on-year, despite a slowdown in global consumer electronics demand. The gross margin for this segment was 17.19%, down 0.40 percentage points year-on-year [3]. - The data center power business was the main growth driver, with revenue reaching 662 million yuan, a significant increase of 216.47% year-on-year, accounting for 68.76% of the overall revenue. However, the gross margin for this segment was 23.54%, down 2.70 percentage points year-on-year due to competitive market pressures [3]. - Other power businesses reported revenue of 323 million yuan, a slight increase of 0.41% year-on-year, with a gross margin of 18.58%, down 1.20 percentage points year-on-year, primarily due to lower margins on newly introduced products [3]. Strategic Initiatives - The company is actively expanding its overseas business, establishing teams in Taiwan and the United States to attract various international clients [4]. - In the data center power product line, the company offers a comprehensive range of products covering different power segments and has launched several server power solutions [4]. - Future strategies will focus on enhancing core competencies in high-power and high-density server power technologies, capitalizing on opportunities in the server and AI industries [4]. Revenue Goals and Shareholding Changes - The revenue targets for 2025-2026 are aligned with the performance goals set in 2024's equity incentive plan, which includes specific growth triggers for revenue and net profit [5]. - The company completed a share reduction plan, selling 1.9 million shares through block trading from September 22 to 24 [6].