MLS(SZ:002745) Huaxin Securities·2025-10-09 06:35Investment Rating - The report maintains an "Accumulate" investment rating for the company [1][7] Core Views - Short-term performance is under pressure, but the long-term positive trend remains intact, with strategic investments in overseas sales channels [3] - The company is a leading player in the global LED packaging and lighting application sector, with a complete industrial chain covering core device R&D, LED packaging product manufacturing, and global brand market services [4] - A strategic cooperation agreement has been signed with JD Technology to promote digital transformation and enhance global supply chain efficiency [5][6] - Revenue forecasts for 2025-2027 are projected at 178.40 billion, 189.11 billion, and 199.89 billion yuan, with corresponding EPS of 0.38, 0.47, and 0.54 yuan [7][9] Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 79.19 billion yuan, a year-on-year decline of 3.21%, and a net profit attributable to shareholders of 1.54 billion yuan, down 41.45% year-on-year [3] - The gross profit margin for the first half of 2025 was 28.16%, an increase of 0.19 percentage points year-on-year [3] Strategic Initiatives - The company is making strategic investments in expanding overseas sales channels, including entering new markets and enhancing existing channel efficiency [3] - The partnership with JD Technology focuses on global layout and smart upgrades, aiming to optimize the supply chain and explore the use of digital currency for cross-border payments [5][6] Market Position - The company operates in key areas such as LED packaging, lighting fixtures, smart lighting, and IoT applications, showcasing its potential for growth [4] - The implementation of automated and intelligent production lines through CIM and MES systems has significantly improved operational efficiency and product quality [4]