POCO(SZ:300811) Dongxing Securities·2025-08-26 12:55Investment Rating - The report maintains a "Recommended" rating for the company [2][13]. Core Insights - The company achieved a revenue of 861 million yuan in the first half of 2025, representing a year-on-year growth of 8.11%. The net profit attributable to shareholders was 191 million yuan, up 3.28% year-on-year, with basic earnings per share increasing by 31.4% to 0.67 yuan per share [3]. - The company's metal soft magnetic powder core business continues to show strong growth, while the chip inductor business has entered a new growth phase. The metal powder business has also begun to experience explosive growth, contributing to record performance during the reporting period [3][4]. Summary by Sections Metal Soft Magnetic Powder Core Business - The company holds a leading market position in the metal soft magnetic powder core industry. Revenue from this segment reached 657 million yuan, a year-on-year increase of 11.97%, accounting for 76% of total revenue, up from 74% in the same period last year [4]. - The company is actively adjusting its product structure and upgrading products to meet the rapid development of emerging markets, particularly benefiting from new infrastructure and AI sectors [4]. - The company has entered the supply chains of major clients such as BYD, Huawei, and Tesla, leading to significant revenue growth in the new energy vehicle and charging pile sectors [4]. Chip Inductor Business - Revenue from the chip inductor segment was 176 million yuan, a decline of 9.71% year-on-year, with its revenue share dropping to 20% from 24% [5]. - The decline was attributed to a transition in client solutions, but by Q2 2025, shipments began to recover. The company has entered the semiconductor power supply market, with new product developments in various fields including ASIC and consumer electronics [5]. - The company is increasing R&D investment, with R&D expenses rising by 43.89% to 62 million yuan in the first half of 2025, aimed at enhancing the performance of metal soft magnetic materials [5]. Metal Soft Magnetic Powder Business - The metal soft magnetic powder business saw explosive growth, with revenue increasing by 90.35% to 26.38 million yuan, now accounting for 3.1% of total revenue, up from 1.7% [11]. - The company is expanding its production capacity, with a new plant expected to be completed by the end of 2025, which will significantly enhance its ability to supply high-performance metal soft magnetic powders [11]. Financial Performance and Forecast - The company expects to achieve revenues of 2.09 billion yuan, 2.58 billion yuan, and 3.06 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits projected at 474 million yuan, 609 million yuan, and 758 million yuan for the same years [13][14]. - The report indicates a positive outlook for the company's financial performance, driven by capacity expansion and increased R&D efforts [13].