Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 50.07 CNY per share based on a PS valuation method [8][9][17]. Core Insights - The company achieved a record high revenue of 1.009 billion CNY in H1 2025, representing a year-on-year increase of 27.77%. However, the net profit attributable to shareholders decreased by 74.52% to 0.06 million CNY [1][2]. - The growth in revenue is primarily driven by the sales of IO high-speed communication connectors, AI computing chip liquid cooling components, and new application FPCs. The company is expected to benefit from the ongoing AI trend and the emerging high-growth sectors [2][3]. - The company has entered the AI computing server liquid cooling market, achieving mass production of liquid cooling components in 2025. This segment is anticipated to provide continuous growth opportunities as demand for cooling solutions in AI servers increases [3][16]. Revenue and Profit Forecast - The company is projected to generate revenues of 2.207 billion CNY, 2.827 billion CNY, and 3.596 billion CNY for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 29.02%, 28.11%, and 27.21% [4][13][17]. - The net profit attributable to shareholders is expected to be 0.42 million CNY, 1.33 million CNY, and 2.08 million CNY for the same years [4][17]. Business Segment Performance - The company's revenue from connector components, FPC, and LED backlight modules for H1 2025 was 0.452 billion CNY, 0.378 billion CNY, and 0.078 billion CNY, reflecting year-on-year growth rates of 46.94%, 23.50%, and a decline of 6.38%, respectively [3][12]. - The liquid cooling segment is expected to become a major growth driver, with significant demand anticipated from high-density scenarios in GPU servers and AI data centers [16]. Financial Metrics - The company’s financial metrics indicate a projected gross margin of 17.71%, 20.75%, and 22.37% for the years 2025, 2026, and 2027, respectively [13][22]. - The report highlights a stable control over expenses, with sales, management, and R&D expense ratios for H1 2025 at 1.77%, 6.85%, and 7.04%, respectively [2][3]. Market Position and Comparables - The report compares the company with peers such as Yingweike, Hongxin Technology, Shenglan Co., and Longli Technology, noting similarities in product applications and market segments [17]. - The average PS ratio of comparable companies is referenced to support the valuation of the company [17][19].
奕东电子（301123）：2025 年半年度报告：顺应AI浪潮布局服务器液冷，25H1营收创历史同期新高