Hopewind(SH:603063) Guoxin Securities·2025-08-13 13:16Investment Rating - The investment rating for the company is "Outperform the Market" [4][24]. Core Views - The company achieved a revenue of 1.88 billion yuan in the first half of 2025, representing a year-on-year increase of 36%, with a net profit of 240 million yuan, up 57% year-on-year [1][7]. - The growth in the company's traditional business remains stable, while the data center power supply segment is poised for significant growth due to the surge in AI computing demand [2][4]. - The company has initiated a share buyback plan, reflecting confidence in its long-term development and providing support for its market value [2][4]. - The company is expected to maintain its profit forecasts for 2025-2027, with projected net profits of 600 million, 690 million, and 830 million yuan, respectively, indicating growth rates of 37%, 14.9%, and 19.8% [2][24]. Financial Performance - In the second quarter of 2025, the company reported a revenue of 1.11 billion yuan, a year-on-year increase of 33%, and a net profit of 140 million yuan, up 38% year-on-year [1][7]. - The comprehensive gross margin for the first half of 2025 was 36.7%, a decrease of 1.9 percentage points year-on-year, while the net profit margin was 13.1%, an increase of 0.6 percentage points year-on-year [1][7]. - The company's sales, management, and R&D expense ratios for the first half of 2025 were 8.8%, 3.7%, and 8.8%, respectively, showing a decrease compared to the previous year [7]. Business Segments - The company's new energy control and engineering transmission businesses achieved sales revenues of 1.52 billion and 230 million yuan in the first half of 2025, representing year-on-year increases of 45% and 12%, respectively [1][15]. - The gross margins for these segments were 32.5% and 47.7%, with the new energy control segment experiencing a decline of 3.2 percentage points year-on-year, while the engineering transmission segment saw an increase of 8.3 percentage points [1][15]. Market Outlook - The company is expected to benefit from the explosive demand for AI computing infrastructure, which may open a second growth curve for its AIDC power equipment products [2][4]. - The projected revenue for 2025 is 4.51 billion yuan, with a year-on-year growth of 20.9% [22].