Guobo Electronics (SH:688375) Guotou Securities·2025-09-09 05:02Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a 12-month target price of 82.42 CNY [5][8]. Core Views - The company experienced a rapid recovery in performance in Q2 2025, with revenue reaching 720 million CNY, a year-on-year increase of 18.2%, and a net profit of 144 million CNY, up 16.2% year-on-year [2]. - The company's main business segments, T/R components and RF modules, faced temporary revenue pressure, but the subsidiary Guo Microelectronics showed a revenue increase of 1.36% to 276 million CNY [3]. - The company is focusing on expanding its applications in satellite communication and sensing fields, with new products like RF chips and mobile PAs starting mass production [4]. Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 1.07 billion CNY, down 17.82% year-on-year, and a net profit of 201 million CNY, also down 17.66% year-on-year [1]. - The gross margin in Q2 2025 improved by 2.6 percentage points to 37.2%, while the net margin decreased by 0.3 percentage points to 20.0% [2]. Product Segments - T/R components and RF modules generated revenue of 944 million CNY in H1 2025, down 19.27% year-on-year, while RF chips saw a revenue increase of 3.72% to 91 million CNY [3]. - The company is actively developing new technologies in the T/R component field and has begun delivering products for low-orbit satellites and commercial aerospace [4]. Future Projections - The company is projected to achieve net profits of 513 million CNY, 702 million CNY, and 898 million CNY for the years 2025, 2026, and 2027, respectively, with growth rates of 5.87%, 36.77%, and 27.96% [5]. - The average PE ratio for comparable companies is expected to be 94 and 60 times for 2025 and 2026, respectively, with the company being a leading player in the active phased array T/R components and RF modules sector [5].