POCO(SZ:300811) Hua Yuan Zheng Quan·2025-08-29 06:11Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance has shown significant quarter-on-quarter improvement, with expectations for increased demand for ASIC chip inductors [6] - The company achieved a revenue of 861 million yuan in the first half of 2025, representing a year-on-year growth of 8.1% [8] - The company is positioned in the high-growth sectors of optical storage and new energy, with the ASIC chip inductors expected to drive a second growth phase [8] Financial Summary - Revenue projections for the company are as follows: - 2023: 1,159 million yuan - 2024: 1,663 million yuan (growth of 43.54%) - 2025: 1,971 million yuan (growth of 18.54%) - 2026: 2,473 million yuan (growth of 25.43%) - 2027: 2,872 million yuan (growth of 16.14%) [7] - Net profit projections are as follows: - 2023: 256 million yuan - 2024: 376 million yuan (growth of 46.90%) - 2025: 446 million yuan (growth of 18.77%) - 2026: 618 million yuan (growth of 38.49%) - 2027: 758 million yuan (growth of 22.66%) [7] - The company's earnings per share (EPS) are projected to be: - 2023: 0.88 yuan - 2024: 1.30 yuan - 2025: 1.54 yuan - 2026: 2.13 yuan - 2027: 2.62 yuan [7] Performance Metrics - The company reported a gross margin of 41.44% in Q2 2025, an increase of 3.77 percentage points quarter-on-quarter [8] - The net profit margin for Q2 2025 was 24.81%, up by 5.65 percentage points quarter-on-quarter [8] - The return on equity (ROE) is projected to be 16.26% in 2024 and increase to 19.56% by 2027 [7][10]