POCO(SZ:300811) Tianfeng Securities·2025-08-29 05:44Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [8]. Core Views - The company achieved a revenue of 861 million yuan in the first half of 2025, representing a year-on-year increase of 8.1%, with a net profit attributable to shareholders of 191 million yuan, up 3.3% year-on-year [1]. - The second quarter of 2025 showed significant improvement, with revenue reaching 477 million yuan, a year-on-year increase of 3.5% and a quarter-on-quarter increase of 24.5% [2]. - The company's profitability improved significantly, with a gross margin of 39.8% in the first half of 2025, and a net profit margin of 22.3% [3]. - The company is positioned to benefit from the growing ASIC industry, with expectations of increased demand for chip inductors as major tech companies accelerate the deployment of self-developed ASIC chips [4]. Financial Performance - In the first half of 2025, the company recorded a net cash flow from operating activities of 260 million yuan, a year-on-year increase of 119.6%, indicating ongoing improvement in cash flow [3]. - The company’s revenue is projected to grow significantly, with estimates of 1.16 billion yuan in 2023, 1.66 billion yuan in 2024, and 2.02 billion yuan in 2025, reflecting growth rates of 8.71%, 43.54%, and 21.18% respectively [6]. - The estimated net profit attributable to shareholders is expected to reach 255.77 million yuan in 2023, 375.72 million yuan in 2024, and 453.01 million yuan in 2025, with growth rates of 32.48%, 46.90%, and 20.57% respectively [6]. Market Position and Growth Drivers - The company has established long-term partnerships with major brands such as BYD, Gree, Huawei, and MPS, enhancing its market position in the soft magnetic powder core segment [4]. - The company is expanding its customer base in the chip inductor segment, having formed new partnerships with globally recognized manufacturers [4]. - The anticipated growth in the ASIC market, particularly in AI servers, is expected to provide new growth opportunities for the company's chip inductor products [4].