博众精工（688097）：业绩稳健增长，新能源业务表现亮眼

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company has achieved steady growth in performance, with a revenue of 1.876 billion yuan and a net profit of 163 million yuan for the first half of 2025, representing year-on-year increases of 2.34% and 69.69% respectively [2][3]. - The company's gross margin and net margin for the first half of 2025 were 32.64% and 8.21%, showing a decrease of 3.62 percentage points and an increase of 2.85 percentage points respectively [2]. - The company is focusing on its core consumer electronics business while actively expanding into new clients and sectors, which is expected to mitigate performance volatility caused by industry cycles [2][3]. Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 1.876 billion yuan and a net profit of 163 million yuan, with a gross margin of 32.64% and a net margin of 8.21% [2][3]. - The company’s expenses were well-controlled, with sales, management, financial, and R&D expense ratios at 9.14%, 5.9%, 1.58%, and 12.55% respectively [2]. Business Segments - The new energy business showed rapid growth, generating approximately 570 million yuan in revenue, a year-on-year increase of 30.3% [3]. - The semiconductor business also experienced significant growth, with revenue reaching approximately 35.84 million yuan, a year-on-year increase of 314.4% [3]. - The company has signed a strategic cooperation agreement with CATL for charging and swapping station equipment, which is expected to benefit from ongoing construction in this area [3]. Future Projections - The company is projected to achieve net profits of 515 million yuan, 734 million yuan, and 856 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 1.15, 1.64, and 1.92 yuan [4][5]. - The report anticipates a multi-driver business structure with "3C + New Energy + Automotive" as the growth engines [3][4].