Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company reported a revenue of 19.908 billion yuan in H1 2025, a year-on-year decline of 10.65%. However, the net profit attributable to shareholders increased by 5.01% to 356 million yuan. The gross margin improved to 8.14%, up 1.64 percentage points year-on-year, while the net profit margin rose to 1.79%, an increase of 0.27 percentage points [2][7]. Summary by Sections Financial Performance - In H1 2025, the company's mobile phone business revenue was 14.022 billion yuan, down 22.28% year-on-year, but the gross margin for this segment improved to 6.85%, up 1.79 percentage points. The overall gross margin has been on a recovery path since Q3 2024, and further improvements are expected in the second half of 2025 as the product mix shifts towards higher-margin offerings [12]. Strategic Developments - The company is benefiting from the rising demand for AI glasses, with a 110% year-on-year increase in shipments in H1 2025. The company has established deep collaborations with major clients and is expanding its manufacturing capabilities in this area. The AI glasses segment is expected to contribute significantly to revenue growth in the coming quarters [12]. Market Trends - The company is positioned to capitalize on the trends in AIPC (Artificial Intelligence Personal Computer) and automotive electronics. The global PC shipments increased by 5.8% in H1 2025, driven by government subsidies and the rapid penetration of AIPC. The automotive electronics sector is also evolving with the integration of traditional components and innovative technologies [12]. Profit Forecast - The company is projected to achieve net profits attributable to shareholders of 654 million yuan, 932 million yuan, and 1.3 billion yuan for the years 2025, 2026, and 2027, respectively, maintaining the "Buy" rating [12].
龙旗科技（603341）：2025年中报点评：毛利率逐步复苏，“1+2+X”稳步推进