Megmeet(SZ:002851) Guoxin Securities·2025-09-09 14:11Investment Rating - The investment rating for the company is "Outperform the Market" [6][25][29] Core Views - The company's revenue for the first half of 2025 was 4.67 billion yuan, a year-on-year increase of 17%, while the net profit attributable to shareholders was 170 million yuan, a decrease of 45% year-on-year [9][19] - The traditional business's gross margin is under pressure, and the company is waiting for the ramp-up of AI server power supply orders [3][4] - The AI server power supply business is expected to gradually increase in volume, with the company being one of the few domestic suppliers capable of high-power, high-efficiency server power supply technology [3][22] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a gross margin of 22.1%, down 3.6 percentage points year-on-year, and a net profit margin of 4.0%, down 4.0 percentage points year-on-year [9][19] - The second quarter of 2025 saw revenue of 2.36 billion yuan, an 8% increase year-on-year, but a 62% decrease in net profit [9][19] Business Segments - The smart home appliance control segment generated revenue of 2.15 billion yuan, up 7% year-on-year, while the power supply segment generated 1.16 billion yuan, up 5% year-on-year [2][19] - The new energy and rail transit segment saw significant growth, with revenue of 510 million yuan, a 151% increase year-on-year [21][19] Future Outlook - The company has adjusted its profit forecasts for 2025 and 2026 to 480 million yuan and 780 million yuan, respectively, while maintaining a forecast of 1.02 billion yuan for 2027 [4][25] - The expected revenue for 2025 is 9.79 billion yuan, with a year-on-year growth of 19.8% [24][23]