Investment Rating - The report maintains a "Hold" rating for the company [3][5]. Core Insights - The company's revenue for H1 2025 reached 456 million yuan, representing a year-over-year increase of 17.25%, while net profit attributable to shareholders was 59 million yuan, up 4.87% year-over-year [1][2]. - The growth in the industrial control and communication sectors is driven by the recovery in industrial automation and the demand for computing infrastructure, with projected revenue for 2025 expected to reach 940 million yuan, a 19% increase year-over-year [2][3]. - The company's product structure optimization has led to improved gross margins, with Q2 2025 gross margin increasing by 1.77 percentage points, and expectations for Q3 2025 gross margin to reach 32% [2][3]. Financial Data and Valuation - For 2025, the company is projected to have a revenue of 944 million yuan and a net profit of 128 million yuan, with corresponding P/E ratios of 60x and 48x for 2025 and 2026 respectively [4][3]. - The company's gross margin for H1 2025 was 30.36%, with a net margin of 12.89% [1][2]. - The report forecasts EPS of 1.70 yuan for 2025, with a projected P/E ratio of 60 [4][3].
强达电路（301628）：公司25年中报业绩点评：工控通讯驱动业绩成长，产品结构优化毛利率改善