良信股份（002706）：收入结构多点开花，费用管控成效显著

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 2.33 billion yuan in the first half of 2025, representing a year-on-year increase of 16.1%. The net profit attributable to shareholders was 250 million yuan, up 4.1% year-on-year, while the net profit excluding non-recurring items was 220 million yuan, an increase of 12.5% year-on-year [2][4]. - In Q2 2025, the company achieved a revenue of 1.25 billion yuan, a year-on-year increase of 16.6%. The net profit attributable to shareholders was 140 million yuan, down 2.6% year-on-year, and the net profit excluding non-recurring items was 120 million yuan, up 9.9% year-on-year [2][4]. - The company’s revenue structure is diversified, with significant growth in various segments driven by demand from new energy, infrastructure, and digital energy sectors [9]. - The gross profit margin for the first half of 2025 was 31.59%, a decrease of 0.67 percentage points year-on-year. The gross profit margin for Q2 2025 was 31.63%, a decrease of 0.52 percentage points year-on-year but an increase of 0.07 percentage points quarter-on-quarter [9]. - The company effectively managed its expenses, with total expense ratio in the first half of 2025 at 20.02%, down 1.10 percentage points year-on-year [9]. - The company is actively expanding into new products and downstream markets, particularly in the data center sector, which is expected to provide new growth opportunities [9]. Financial Performance Summary - The company’s total revenue for 2025 is projected to be 5.08 billion yuan, with a net profit of 450 million yuan, corresponding to a PE ratio of approximately 28 times [9]. - The company’s cash flow from operating activities reached 171 million yuan in the first half of 2025, a year-on-year increase of 37.38% [9].