奥士康（002913）：25H1营收实现稳健增长，稳步推进全球产业布局助力长期发展

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][18]. Core Viewpoints - The company achieved a revenue of 2.565 billion yuan in the first half of 2025, representing a year-on-year growth of 19.43%, while the net profit attributable to shareholders was 196 million yuan, a decrease of 11.96% year-on-year [2][4]. - The company is focusing on high-performance and high-reliability PCB products to meet the demands of data centers and servers, enhancing its market competitiveness [2][3]. - The company is actively expanding its global industrial layout, particularly in Thailand, to capture high-end PCB product orders related to AI servers and automotive electronics [2][3]. Financial Summary - Revenue projections for the company are as follows: 4.33 billion yuan in 2023, 4.57 billion yuan in 2024, 5.54 billion yuan in 2025, 6.66 billion yuan in 2026, and 7.90 billion yuan in 2027, with growth rates of -5.2%, 5.5%, 21.4%, 20.2%, and 18.6% respectively [4][10]. - The net profit attributable to shareholders is forecasted to be 519 million yuan in 2023, 353 million yuan in 2024, 443 million yuan in 2025, 553 million yuan in 2026, and 672 million yuan in 2027, with year-on-year growth rates of 69.1%, -31.9%, 25.3%, 25.0%, and 21.5% respectively [4][10]. - The company's latest diluted EPS is projected to be 1.63 yuan in 2023, decreasing to 1.11 yuan in 2024, and then increasing to 2.12 yuan by 2027 [4][10]. R&D and Market Position - The company increased its R&D investment to 111 million yuan in the first half of 2025, a year-on-year increase of 11.97%, focusing on high-end products in the automotive electronics sector [3]. - The company has established long-term partnerships with several international automotive brands and Tier 1 suppliers, enhancing its position in the automotive PCB market [3]. - In the consumer electronics sector, the company has quickly entered the AIPC market and established deep collaborations with multiple PC manufacturers, optimizing its product structure [3].