Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown improvement in gross margin in Q2, with a focus on its "1+2+X" strategy, positioning itself as a leader in smart hardware [2][5] - The company is expected to benefit from the AI wave at the edge, with growth opportunities in smart devices, AIoT, AI PCs, and automotive electronics [5][6] Financial Performance Summary - In H1 2025, the company achieved revenue of 19.908 billion, a year-on-year decrease of 10.65%, while net profit attributable to shareholders was 356 million, an increase of 5.01% [5] - In Q2 2025, revenue was 10.529 billion, down 11.85%, with a net profit of 201 million, down 4.31% [5] - The gross margin for H1 2025 was 8.14%, up 1.64 percentage points year-on-year, and for Q2 2025, it was 8.76%, up 2.70 percentage points year-on-year [5] Business Segment Performance - The smartphone business saw revenue of 14.022 billion in H1 2025, down 22.28%, but with an improved gross margin of 6.85%, up 1.79 percentage points [5] - The AIoT business grew rapidly, achieving revenue of 3.321 billion, up 45.26%, although its gross margin decreased to 12.81%, down 2.58 percentage points [5] - The tablet business generated revenue of 1.900 billion, up 14.57%, with a gross margin of 6.58%, down 2.15 percentage points [5] Future Projections - Revenue projections for 2025-2027 are 46.810 billion, 53.430 billion, and 66.691 billion, representing year-on-year growth rates of 1%, 14%, and 25% respectively [6][7] - Net profit projections for the same period are 651 million, 951 million, and 1.302 billion, with growth rates of 30%, 46%, and 37% respectively [6][7] - The expected P/E ratios for 2025, 2026, and 2027 are 30, 21, and 15 times respectively [6][7]
龙旗科技（603341）：公司动态研究：Q2单季度毛利率改善，智能硬件龙头深耕“1+2+X”战略