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2025H1业绩实现高增，毛利率呈现上行趋势
Haitong Securities International·2025-09-29 05:04

Investment Rating - The report suggests a positive outlook for the computer industry, recommending a focus on AI computing power, AI applications, financial IT, and technology self-reliance targets [2][56]. Core Insights - The computer industry achieved significant growth in H1 2025, with total revenue reaching RMB 619.68 billion, up 11.24% year-on-year, and net profit attributable to shareholders at RMB 13.67 billion, up 29.36% year-on-year [5][61]. - In Q2 2025, revenue was RMB 333.77 billion, reflecting a year-on-year increase of 7.85%, while net profit attributable to shareholders was RMB 10.86 billion, up 13.19% year-on-year [5][61]. - The report highlights a rising gross profit margin (GPM) and a stabilization of the net profit margin (NPM), alongside a reduction in R&D expenses [5][61]. Summary by Sections Overall Performance - The computer industry showed a total revenue of RMB 619.68 billion in H1 2025, with a year-on-year growth of 11.24%, and a net profit of RMB 136.66 billion, up 29.36% [5][61]. - Q2 2025 saw a revenue of RMB 333.77 billion, with a year-on-year growth of 7.85% and a net profit of RMB 108.61 billion, up 13.19% [5][61]. Sector Performance - Sectors with positive growth in both revenue and net profit include data elements, autonomous driving, AI, cloud computing, fintech, and cybersecurity [5][50]. - The data elements sector experienced high growth driven by companies like Unisplendour and Inspur Electronic Information [50]. - The autonomous driving sector saw growth from companies such as Huizhou Desay SV Automotive and Jingwei Hirain Technologies [50]. - The AI sector reported significant revenue growth from Pci Technology and Iflytek, with notable profit increases from companies like Zhejiang Dahua Technology [50]. Market Capitalization Analysis - Large-cap companies (market cap over RMB 10 billion) demonstrated more stable performance compared to mid-cap and small-cap companies in H1 2025 [5][53]. - In H1 2025, large-cap companies had revenue growth of 17%, net profit growth of 27%, and recurring net profit growth of 22% [53]. - In Q2 2025, large-cap companies maintained a revenue growth of 13%, while mid-cap companies experienced a decline [53].