【麦格米特（002851.SZ）】盈利能力短期承压，产品及全球布局持续优化——2025年半年度报告点评（殷中枢/和霖/邓怡亮）

Core Viewpoint - The company reported a solid revenue growth in H1 2025, but faced significant pressure on profitability due to increased competition in downstream markets [4][5]. Revenue and Profitability - In H1 2025, the company achieved a revenue of 4.674 billion yuan, a year-on-year increase of 16.52%. However, the net profit attributable to shareholders was 174 million yuan, a decrease of 44.82% [4]. - The gross profit margin was 22.07%, down by 3.77 percentage points year-on-year. The revenue growth was driven by various business segments, particularly the new energy and rail transportation sectors, which saw a remarkable growth of 150.94% [5]. R&D Investment and AI Server Power Business - Despite the pressure on profitability, the company maintained a high level of R&D investment, with an R&D expense ratio of 11% in H1 2025, totaling 514 million yuan, an increase of 15.24% year-on-year [6]. - The company has made significant breakthroughs in the AI server power sector and has formed a partnership with NVIDIA, becoming one of its designated suppliers for data center components [6]. Project Delays and Fundraising - The intelligent warehousing project, originally scheduled for completion in October 2025, has been postponed to October 2026 due to the project's technical complexity and long system debugging cycles [7][8]. - As of June 30, 2025, the cumulative investment in this fundraising project was approximately 168.86 million yuan, with an investment progress of 67.54%. The company plans to raise up to 2.663 billion yuan to expand production capacity, enhance R&D innovation, and optimize its global layout and capital structure [8].