Guobo Electronics (SH:688375) Soochow Securities·2025-09-01 05:11Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company continues to consolidate its dual main business advantages in active phased array T/R components and RF integrated circuits, with no significant adverse changes in core competitiveness. Key technological breakthroughs have been achieved in W-band system-level packaging antennas and low-profile broadband millimeter-wave digital arrays, with multiple products delivered in small batches for low-orbit satellites and commercial aerospace [3][9] - The company has completed the industrialization project for RF chips and components, with surplus raised funds of 238 million yuan permanently replenishing cash flow. The second phase of the industrialization project is progressing as planned, with a budget of 698 million yuan and 266 million yuan already invested, expected to be put into production by the end of 2025, further solidifying the company's leading position in high-frequency and high-density components [3] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 1.07 billion yuan, a year-on-year decrease of 17.82%, and a net profit attributable to the parent company of 201 million yuan, a year-on-year decrease of 17.66%. The decline in revenue and profit was mainly due to a decrease in orders for the two main products: T/R components and RF modules [1][9] - The sales gross margin remained stable, but the expense ratio increased. As of the end of the first half of 2025, cash and cash equivalents were 1.867 billion yuan, a decrease of 20.74% from the beginning of the year. Accounts receivable increased by 22.87% to 3.228 billion yuan, related to the elongation of military product payment cycles. Inventory increased by 29.82% to 333 million yuan as the company proactively stocked up to meet the delivery peak in the second half of the year [9] - The comprehensive gross margin for the first half of 2025 was 39.05%, an increase of 3.80 percentage points year-on-year, benefiting from a higher proportion of high-margin military products and a decline in raw material prices. The R&D expense ratio was 12.17%, a decrease of 1.64 percentage points due to reduced input as some R&D projects entered the acceptance stage [9] Earnings Forecast and Valuation - The company's performance aligns with market expectations. Considering the uncertainty of orders, the previous profit forecasts have been slightly adjusted downwards. The expected net profits attributable to the parent company for 2025 and 2026 are 533 million yuan and 597 million yuan, respectively, with a new forecast for 2027 at 811 million yuan, corresponding to P/E ratios of 72, 65, and 48 times [10]