Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Views - The company has experienced a turnaround in performance expectations, entering a phase of growth across multiple sectors, particularly in AI and automotive electronics [6][7] - The company is expanding its high-end production capacity, which is expected to drive long-term growth [8] Financial Performance Summary - In H1 2025, the company achieved a revenue of 2.565 billion yuan, representing a year-over-year increase of 19.43%. However, the net profit attributable to shareholders was 196 million yuan, down 11.96% year-over-year [6] - For Q2 2025, revenue was 1.401 billion yuan, up 19.65% year-over-year and 20.33% quarter-over-quarter. The net profit for Q2 was 84 million yuan, down 24.61% year-over-year and 25.56% quarter-over-quarter [6] - The gross margin for Q2 was 20.91%, a decrease of 2.95 percentage points year-over-year, and the net margin was 5.66%, down 3.81 percentage points year-over-year [6] Revenue and Profit Forecast - The forecast for net profit attributable to shareholders for 2025, 2026, and 2027 is 525 million, 745 million, and 987 million yuan respectively, with corresponding EPS of 1.66, 2.35, and 3.11 yuan [6][10] - The company expects a significant revenue increase in the coming years, with projected revenues of 5.552 billion, 7.199 billion, and 9.071 billion yuan for 2025, 2026, and 2027 respectively [10] Business Development - The company is diversifying its product structure, with significant growth in data center and server revenues, as well as automotive electronics [7] - The company has established stable partnerships with several well-known Tier 1 manufacturers in the automotive electronics sector [7] Capacity Expansion - The company is in the process of ramping up production capacity at its Thailand factory, which focuses on high-end PCB products for AI servers and automotive electronics [8] - A recent announcement indicated plans to issue convertible bonds to raise up to 1 billion yuan for high-end PCB projects, with a total planned investment of 1.82 billion yuan [8]
奥士康(002913):公司信息更新报告:业绩阵痛期已过,高端产能扩产成长可期