Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Insights - The company reported a revenue of 338 million yuan for the first half of 2025, representing a year-on-year growth of 40.19% - The net profit attributable to shareholders was 55 million yuan, showing a year-on-year increase of 16.52% - The industrial, automotive, and new energy sectors all experienced year-on-year growth, with the new energy connector business being the standout performer and a key growth driver - The company has achieved an integrated operation from R&D, design, production to sales, establishing a diversified business layout driven by industrial control and new energy connectors [3][8]. Summary by Sections Financial Performance - In H1 2025, the industrial connectors segment generated revenue of 157 million yuan, up 16.48% year-on-year, with a gross margin of 43.93%, an increase of 0.66 percentage points - The new energy connectors segment achieved revenue of 94 million yuan, a remarkable growth of 86% year-on-year, with a gross margin of 32.49%, up 1.97 percentage points - The automotive connectors segment reported revenue of 82 million yuan, a year-on-year increase of 55.85%, with a gross margin of 39.65%, down 6.58 percentage points - Overall, the company’s gross margin for H1 2025 was 40.14%, a decrease of 1.24 percentage points year-on-year due to raw material price fluctuations and intensified industry competition [8]. Business Strategy - The company is leveraging its technological barriers and platform advantages in the industrial control connector field to achieve long-term stable growth - The dual-driven strategy of industrial control and new energy connectors is expected to create a competitive edge in the automotive and new energy sectors - The company anticipates net profits attributable to shareholders of 126 million yuan, 149 million yuan, and 185 million yuan for 2025, 2026, and 2027 respectively [8].
维峰电子（301328）：Q2业绩承压，静待花开