伊戈尔（002922）：2025年半年报点评：25Q2盈利环比改善，AIDC有望成为新曲线

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company's revenue for H1 2025 reached 2.467 billion yuan, a year-on-year increase of 20.16%, while the net profit attributable to shareholders decreased by 40.59% to 105 million yuan [1]. - The second quarter of 2025 showed a revenue of 1.383 billion yuan, an increase of 8.14% year-on-year and 27.64% quarter-on-quarter, with a net profit of 63 million yuan, down 46.83% year-on-year but up 48.85% quarter-on-quarter [1]. - The gross margin for Q2 2025 was 19%, down 5.78 percentage points year-on-year but improved by 3.28 percentage points quarter-on-quarter [1]. Business Segmentation Summary - Energy Products: Revenue reached 1.836 billion yuan, a year-on-year growth of 23.67%, driven by the increase in global photovoltaic and energy storage installations [2]. - Lighting Products: Revenue was 437 million yuan, a decline of 3.40% year-on-year due to business restructuring [2]. - Other Businesses: Revenue increased to 194 million yuan, a growth of 67.43%, mainly from the increase in orders for incubation-related businesses [2]. Growth Potential - The data center segment is expected to become a new growth curve for the company, with breakthroughs in product structure and market expansion, including sales to Japan and the United States [3]. - The company is focusing on developing energy-efficient transformers and smaller, more efficient inductors for data centers to enhance its product competitiveness [3]. Financial Forecast - Revenue projections for 2025-2027 are 5.898 billion, 7.450 billion, and 9.164 billion yuan, with corresponding growth rates of 27.2%, 26.3%, and 23.0% [3]. - Net profit attributable to shareholders is expected to be 307 million, 457 million, and 590 million yuan for the same period, with growth rates of 4.8%, 49.0%, and 29.1% respectively [3]. - The projected PE ratios for 2025-2027 are 32X, 22X, and 17X based on the closing price on August 29 [3].