圣邦股份（300661）：二季度业绩超预期

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company reported a revenue of 1.819 billion yuan for the first half of 2025, representing a year-on-year increase of 15.37%, and a net profit attributable to shareholders of 201 million yuan, up 12.42% year-on-year [2][6]. - In Q2 2025, the company achieved a revenue of 1.029 billion yuan, which is a 21.46% increase year-on-year and a 30.35% increase quarter-on-quarter, with a net profit of 141 million yuan, reflecting a year-on-year increase of 13.52% and a quarter-on-quarter increase of 136.04% [2][6]. - The company's gross margin for H1 2025 was 50.16%, a decrease of 2.17 percentage points year-on-year, while Q2 gross margin was 51.00%, showing a slight improvement of 1.93 percentage points quarter-on-quarter [11]. Financial Performance - The company’s revenue from signal chain products was 692 million yuan, up 28.57% year-on-year, with a gross margin of 58.85%, an increase of 1.55 percentage points year-on-year. Revenue from power management products was 1.123 billion yuan, up 8.16% year-on-year, with a gross margin of 44.64%, down 5.11 percentage points year-on-year [11]. - The company has a strong focus on R&D, with R&D expenses amounting to 508 million yuan in H1 2025, representing 27.90% of total revenue, and a workforce of 1,219 R&D personnel, accounting for 72.56% of total employees [11]. Future Outlook - The company is optimistic about its product category expansion and the ongoing domestic substitution trend, projecting net profits attributable to shareholders of 588 million yuan, 802 million yuan, and 1.133 billion yuan for 2025, 2026, and 2027, respectively [11].