DSBJ(SZ:002384) 招商电子·2025-08-31 07:50Core Viewpoint - The company reported a mixed performance in H1 2025, with revenue growth hindered by weak demand and product structure challenges, while profitability showed steady improvement driven by operational efficiency and growth in the new energy sector [1][2][3]. Financial Performance - H1 2025 revenue reached 16.955 billion yuan, a year-on-year increase of 1.96%, with net profit attributable to shareholders at 758 million yuan, up 35.21% year-on-year. The gross margin was 13.59%, an increase of 0.53 percentage points, and the net margin was 4.47%, up 1.11 percentage points [1]. - Q2 2025 revenue was 8.353 billion yuan, down 5.98% year-on-year and 2.90% quarter-on-quarter. Net profit attributable to shareholders was 302 million yuan, an increase of 11.39% year-on-year but a decrease of 33.72% quarter-on-quarter [2]. - The company experienced a decrease in revenue in Q2 primarily due to weak market demand and product structure adjustments, while profitability decreased quarter-on-quarter due to reduced foreign exchange gains and lower non-recurring income [2]. Business Segmentation - The new energy business saw significant growth, with total revenue of 4.940 billion yuan, a year-on-year increase of 29.66%. This growth was supported by the company's comprehensive supply capabilities in core products such as vehicle FPCs, liquid cooling plates, and battery housings [3]. - The electronic circuit products segment generated 11.059 billion yuan in revenue, a year-on-year increase of 1.93%, accounting for 65.23% of total revenue, with a gross margin of 17.55% [3]. - The precision components segment reported revenue of 2.362 billion yuan, up 11.87% year-on-year, benefiting from increased orders from new energy vehicle clients [3]. Strategic Outlook - The company is focusing on the dual strategy of expanding its new energy vehicle business and AI computing power, with expectations for increased orders and production capacity in the second half of 2025 [4]. - The AI computing power segment is anticipated to drive new growth momentum, supported by the ongoing demand for AI servers and the company's advancements in high-density interconnect technology [4]. - The company aims to enhance its global production capabilities and procurement systems to better meet industry and customer demands, potentially opening new growth avenues [4].