Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a revenue of 541 million yuan in H1 2025, representing a year-on-year increase of 16%, with a net profit attributable to shareholders of 64.77 million yuan, up 8% year-on-year [7] - The growth is driven by demand in automotive electronics, consumer electronics, and AI servers, with significant overseas market breakthroughs [7] - The company is focusing on high-potential applications such as optical modules, server BBU, and HDI boards, with a new subsidiary in Thailand expected to add 4 million square meters of production capacity [7] Summary by Sections Market Performance - Closing price as of September 8, 2025, is 38.30 yuan, with a total market capitalization of 5,823.31 million yuan and a circulating market value of 2,684.88 million yuan [3] Financial Performance - In H1 2025, the company reported a net cash flow from operating activities of 78.51 million yuan, with a sales expense ratio of 1.31% and a management expense ratio of 3.10% [7] - For Q2 2025, revenue reached 299 million yuan, a year-on-year increase of 20%, with a net profit of 36.35 million yuan, also up 20% year-on-year [7] Revenue and Profit Forecast - The company forecasts revenues of 1,207 million yuan in 2025, with a year-on-year growth rate of 15.71%, and net profits of 148 million yuan, reflecting a growth rate of 19.96% [8] - Expected earnings per share (EPS) for 2025 is 0.97 yuan, with a projected price-to-earnings (P/E) ratio of 39.37 [8] Strategic Focus - The company is expanding its focus on high-end server BBU applications and optical communication modules, with significant investments in R&D, amounting to 20.93 million yuan in H1 2025 [7] - The automotive electronics segment has become the largest application area, accounting for over 40% of revenue in H1 2025, driven by the electrification trend in new energy vehicles [7]
万源通（920060）：2025H1营收yoy+16%，光模块、AI服务器BBU、HDI板有望打开增长潜力