Sunlord(SZ:002138) Tianfeng Securities·2025-08-06 04:43Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a sales revenue of 3.224 billion yuan in the first half of 2025, representing a year-on-year increase of 19.80% and a quarter-on-quarter increase of 0.56% [1][2] - The net profit attributable to the parent company for the same period was 486 million yuan, up 32.03% year-on-year and 4.74% quarter-on-quarter [1][2] - The company’s operating cash flow improved significantly, reaching 797 million yuan, a year-on-year increase of 21.31% [2] Financial Performance - In Q2 2025, the company reported a single-quarter revenue of 1.763 billion yuan, marking a year-on-year increase of 23.12% and a quarter-on-quarter increase of 20.73% [2] - The gross profit margin for Q2 2025 was 36.78%, showing a slight year-on-year decrease of 0.20 percentage points but a quarter-on-quarter increase of 0.22 percentage points [2] - The net profit margin for Q2 2025 was 16.90%, reflecting a year-on-year increase of 1.26 percentage points [2] Business Segments - The company is actively involved in the automotive electronics market, achieving revenue of 327 million yuan in Q2 2025, which is a year-on-year increase of 19.33% [3] - The consumer electronics segment focuses on miniaturization and integration of components, where the company holds a leading position in high-precision inductors [3] - The company is also capitalizing on opportunities in AI applications, particularly in data centers and autonomous driving, with a focus on energy-saving product combinations [3] Future Outlook - The report forecasts net profits attributable to the parent company of 1.051 billion yuan for 2025, 1.282 billion yuan for 2026, and 1.561 billion yuan for 2027 [4] - The company is expected to maintain strong growth in emerging markets and new product lines, with a projected revenue growth rate of 23.49% for 2025 [5]