诺瓦星云（301589）：Q2环比显著改善，技术布局夯实复苏基础

Investment Rating - The report maintains a "Recommended" rating for Nova Star Cloud (301589.SZ) [1][5] Core Views - The company reported a significant improvement in Q2 performance, with a quarter-on-quarter revenue increase of 3.41% to 9.12 billion yuan, reversing the previous quarter's decline of 8.83% [4] - The company achieved a total revenue of 15.33 billion yuan in the first half of 2025, a decrease of 1.93% year-on-year, with a net profit of 2.94 billion yuan, down 9.33% [4] - The gross margin for the company's three main business segments improved significantly, with LED display control systems at 49.11%, video processing systems at 69.54%, and cloud-based information publishing and management systems at 59.82% [4] - The company is experiencing strong growth in overseas markets, with a 21.31% increase in revenue to 3.51 billion yuan in the first half of 2025, while domestic revenue decreased by 7.20% to 11.82 billion yuan [4] Financial Performance Summary - For the first half of 2025, the company reported operating cash flow of 1.55 billion yuan, a substantial increase of 327.91% [4] - The company forecasts revenues of 35.52 billion yuan, 40.52 billion yuan, and 46.31 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 6.66 billion yuan, 8.17 billion yuan, and 9.82 billion yuan [5][7] - The projected revenue growth rates are 8.31% for 2025, 14.06% for 2026, and 14.30% for 2027 [5][6] Business Segment Insights - The LED display control system segment generated 6.39 billion yuan in revenue, down 15.51%, while the video processing system segment saw a revenue increase of 5.51% to 6.45 billion yuan [4] - The company is actively investing in R&D, with expenditures of 249 million yuan in the first half of 2025, representing 16.24% of total revenue [4] Market Position and Strategy - The company is strategically positioned in the MLED technology sector, having launched core detection equipment and integrated circuits, which are now in mass production [4] - The company is also focusing on high-value applications in virtual shooting and high-end rentals, contributing to higher gross margins [4]