Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a revenue of 722 million yuan in the first half of 2025, a year-on-year decrease of 12.39%, and a net profit attributable to shareholders of 21.88 million yuan, down 71.32% year-on-year [1] - In Q2, the company achieved a revenue of 432 million yuan, a year-on-year increase of 3.59% and a quarter-on-quarter increase of 49.03%, with a net profit of 11.17 million yuan, down 73.49% year-on-year [2] - The overall gross margin for the first half of the year was 13.47%, a decrease of 4.16 percentage points year-on-year, while Q2 gross margin was 13.85%, showing a quarter-on-quarter improvement but a year-on-year decline of 4.89 percentage points [3] - The data center switch business saw significant growth, with sales revenue increasing by approximately 119% year-on-year in the first half of 2025, driven by AIGC [4] - The company is expanding its product layout to capture opportunities in AI, forming a multi-dimensional business system that includes CT communication, IT computing, high-end PCBA manufacturing, and automotive electronics [5] Financial Data and Valuation - The company’s projected net profits for 2025 and 2026 are adjusted to 70 million yuan and 120 million yuan, respectively, with a forecast of 180 million yuan for 2027 [5] - The corresponding PE ratios for 2025 to 2027 are projected to be 107, 64, and 43 times [5] - The company’s revenue is expected to decline by 11.80% in 2023, 19.09% in 2024, and 5.50% in 2025, before increasing by 36.25% in 2026 and 34.15% in 2027 [11]
菲菱科思(301191):季度营收拐点或现,期待CT+IT+高端PCBA多元布局带来增长动能