SHENGYI ELECTRONICS CO.(SH:688183) 招商电子·2025-07-15 05:21Core Viewpoint - The company forecasts a revenue of 3.65-3.88 billion yuan for H1 2025, representing a year-on-year growth of 85%-97%, and a net profit attributable to shareholders of 510-550 million yuan, showing a significant increase of 432%-471% [1] Group 1: Q2 Performance - Q2 revenue is expected to reach 2.186 billion yuan, reflecting a year-on-year increase of 100.9% and a quarter-on-quarter increase of 38.4% [1] - Net profit attributable to shareholders for Q2 is projected at 330 million yuan, with a year-on-year growth of 373.8% and a quarter-on-quarter growth of 64.8% [1] - The net profit margin is estimated at approximately 15.1%, which is an increase of 8.7 percentage points year-on-year and 2.4 percentage points quarter-on-quarter [1] Group 2: Business Growth Drivers - The rapid growth in performance is attributed to the continuous increase in orders for downstream ASIC servers and high-speed switches, leading to an optimized product structure and steady capacity expansion [1] - The company is expected to see the AI server business account for over 60% of its revenue in Q2, while the switch business is anticipated to contribute around 20%, indicating a significant improvement in product mix compared to the previous year [1] Group 3: Future Outlook - For H2 2025 and beyond, the company plans to expand AI-PCB capacity and accelerate the introduction of more ASIC customers, including major clients like AWS, Meta, and Google [2] - The company is also expanding its domestic AI computing capacity and steadily advancing its expansion in Thailand, which is expected to enhance its market share in the ASIC supply chain and high-speed switch market [2] - The company anticipates strong revenue growth potential driven by high order volumes and capacity utilization in the high-end market [2]