SHENGYI ELECTRONICS CO.(SH:688183) CMS·2025-07-15 03:32Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company is expected to achieve a revenue of 3.65 to 3.88 billion yuan in the first half of 2025, representing a year-on-year growth of 85% to 97%. The net profit attributable to shareholders is projected to be between 510 to 550 million yuan, with a year-on-year increase of 432% to 471% [1] - The company's Q2 performance shows significant growth driven by AI server and high-speed switch orders, with Q2 revenue estimated at 2.186 billion yuan, a year-on-year increase of 100.9% and a quarter-on-quarter increase of 38.4% [6] - The company is expanding its AI-PCB capacity and accelerating the introduction of more ASIC customers, which is expected to enhance its market share in the ASIC supply chain and high-speed switch market [6] Financial Data and Valuation - The total revenue for 2023 is projected at 3.273 billion yuan, with a year-on-year decrease of 7%. However, revenue is expected to grow significantly in the following years, reaching 8.202 billion yuan in 2025, a growth of 75% [2][10] - The net profit for 2025 is estimated at 1.321 billion yuan, reflecting a year-on-year growth of 298% [2][10] - The company's PE ratio is projected to decrease from -1554.2 in 2023 to 29.4 in 2025, indicating improving profitability [2][10] Stock Performance - The company's stock has shown strong absolute performance over the past 12 months, with a 73% increase [5] - The relative performance against the CSI 300 index has also been positive, with an increase of 58% over the same period [5] Key Financial Metrics - The company has a total market capitalization of 38.8 billion yuan and a current share price of 46.7 yuan [3] - The return on equity (ROE) is reported at 11.2%, indicating a solid return on shareholders' equity [3]