WUS(SZ:002463) 招商电子·2025-08-24 09:52Core Viewpoint - The company reported significant growth in both revenue and profit for the first half of 2025, driven by strong demand for AI computing power and advancements in technology, particularly in the PCB sector [2][3]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 8.494 billion yuan, a year-on-year increase of 56.59%, and a net profit attributable to shareholders of 1.683 billion yuan, up 47.50% year-on-year [2]. - The operating cash flow saw a substantial increase of 75.6% year-on-year, reaching 2.1 billion yuan, indicating robust profitability [2]. - For Q2 2025, revenue was 4.46 billion yuan, reflecting a year-on-year growth of 56.9% and a quarter-on-quarter increase of 10.4% [3]. Group 2: Business Segments - The communications board business grew rapidly, with revenue of 6.532 billion yuan, a year-on-year increase of 70.63%, accounting for 79.86% of total revenue [4]. - The automotive board segment generated 1.422 billion yuan, up 24.18% year-on-year, with emerging products like millimeter-wave radar and HDI for autonomous driving showing significant growth [4]. - The industrial equipment and other boards segment saw a slight decline in revenue to 198 million yuan, down 6.79% year-on-year [4]. Group 3: Subsidiary Performance - Subsidiary performance varied, with notable growth from Huangshi Hushi, which reported revenue of 2.244 billion yuan, up 81.23% year-on-year, and a net profit of 463 million yuan, up 139.52% [5]. - The subsidiary Huli Microelectronics generated 1.131 billion yuan in revenue but faced challenges due to product transitions and equipment upgrades [5]. - Shengweici reported a revenue of 287 million yuan, significantly reducing its losses, primarily due to the strong performance of its P²Pack products [5]. Group 4: Future Outlook - The AI computing power and automotive board businesses are expected to be the main growth drivers for the company in the second half of 2025 and beyond [6]. - The company is investing in high-end PCB production capacity, with a total investment of 4.3 billion yuan for expansion projects expected to commence production in H2 2026 [6]. - The demand for high-value products in AI servers and HPC-related PCBs is anticipated to continue growing, supporting rapid revenue growth [6].