证券代码：301029 证券简称：怡合达 东莞怡合达自动化股份有限公司 投资者关系活动记录表 编号：2025-007 投资者关系活 动类别 ☑ 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 ☑ 现场参观 ☑ 其他（电话会议） 参与单位名称 详见附件《与会清单》 时间 2025 年 9 月 8 日-9 月 25 日 地点 线上：电话会议 线下：东莞市横沥镇村尾桃园二路 33 号、北京策略会、香港策略 会、上海策略会等 上市公司接待 人员姓名 董事会秘书：张美琪 投资者关系代表：范见涛 证券事务代表：廖芙雨、杨景凤 投资者关系活 动主要内容介 绍 本次调研活动主要问题及回答如下： Q1：介绍出海业务的出发点、难度与进程？ A："全球化"是怡合达始终坚守的核心战略信念。投身全球 化浪潮，便能发现我们在不少方面还有进步空间，通过全球化这 面镜子，看到自身不足的同时，更坚定了企业自我革新、自我超 越的决心。通过不断提升产品水平，不断精进，明确改进与发展 的方向，持续奋进，让产品能够高效触达并服务全球客户，稳步 提升怡合达在全球市场的影响力。由于公司业务具有产品线多、 SKU 多、终端用 ...

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant revenue and profit growth, driven by improvements in profit margins and strong performance in the new energy and automotive sectors [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 1.461 billion yuan, a year-on-year increase of 18.70%, and a net profit attributable to shareholders of 282 million yuan, up 26.49% year-on-year [1]. - For Q2 2025, revenue reached 841 million yuan, reflecting a year-on-year growth of 21.79%, while net profit was 160 million yuan, also up 26.50% year-on-year [1]. Profitability Metrics - The company reported a gross margin of 39.83% in Q2, an increase of 3.72 percentage points year-on-year, and a net margin of 19.02%, up 0.7 percentage points year-on-year [2]. - Significant improvements in gross margins were noted in the 3C mobile phone and new energy sectors, indicating the effectiveness of the company's long-tail customer strategy and value enhancement [2]. Revenue Drivers - The new energy sector saw a revenue increase of 53.17% year-on-year, while the automotive sector grew by 53.25%, serving as the main drivers of revenue growth [2]. - Conversely, the 3C mobile phone segment experienced a revenue decline of 4.12% due to reduced demand for devices like those from Apple, while the semiconductor sector grew by 28% [2]. Business Strategy and Operations - The company continues to enhance its one-stop procurement service, with a significant increase in product variety, covering 196 major categories and over 2.3 million SKUs as of H1 2025 [3]. - The company has made substantial progress in automating its operations, reducing quote response times from hours to seconds, and improving production efficiency with flexible production lines [3]. Global Expansion - The company is steadily advancing its global business strategy, with operations now covering over 30 countries and regions, and overseas revenue reaching 5.1818 million yuan in H1 2025, a year-on-year increase of 126% [4]. - The number of overseas customers grew by 72%, indicating successful international market penetration [4]. Future Outlook - The company maintains a "buy" rating based on its traditional business strengths, ongoing product optimization, and global expansion efforts, with projected net profits of 530 million, 640 million, and 770 million yuan for 2025-2027 [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Insights - The company reported a revenue of 1.461 billion yuan for the first half of 2025, representing a year-on-year increase of 18.70%, and a net profit attributable to shareholders of 282 million yuan, up 26.49% year-on-year. For Q2 2025, the revenue was 841 million yuan, with a year-on-year growth of 21.79%, and a net profit of 160 million yuan, also up 26.50% year-on-year [2][7]. - The main drivers for revenue growth in the first half of the year were the new energy and automotive sectors, which saw increases of 53.17% and 53.25% respectively. The 3C mobile phone segment experienced a decline of 4.12%, while the semiconductor sector grew by 28% [12]. - The company has strengthened its one-stop procurement service and made significant progress in the automation of its FB business, enhancing supply chain management capabilities and increasing product variety [12]. - The company is steadily advancing its global business strategy, with overseas revenue reaching 5.1818 million yuan in the first half of 2025, a year-on-year increase of 126% [12]. Financial Performance - The gross profit margin for Q2 was 39.83%, an increase of 3.72 percentage points year-on-year, while the net profit margin was 19.02%, up 0.7 percentage points year-on-year [12]. - The company expects net profits attributable to shareholders to reach 530 million yuan, 640 million yuan, and 772 million yuan for 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 33, 27, and 22 times [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company's profitability has significantly improved in Q1 2025, with a revenue increase of 14.75% year-on-year, and a net profit increase of 26.48% year-on-year [2][6]. - The company is focusing on optimizing product categories and promoting business globalization, which is expected to enhance market share [2][11]. - The industry structure is becoming more balanced, with growth in sectors such as 3C mobile phones, automotive, and semiconductors, offsetting declines in new energy lithium batteries and photovoltaics [11]. Financial Performance Summary - In 2024, the company achieved a revenue of 2.504 billion yuan, a decrease of 13.08% year-on-year, and a net profit of 404 million yuan, down 25.87% year-on-year [2][6]. - For Q1 2025, the company reported a revenue of 620 million yuan, up 14.75% year-on-year, and a net profit of 122 million yuan, up 26.48% year-on-year [2][6]. - The gross margin for Q1 2025 reached 38.1%, an increase of 3.1 percentage points year-on-year, while the net profit margin was 19.64%, up 1.82 percentage points year-on-year [11]. Business Strategy and Growth - The company is enhancing its one-stop procurement service and has made significant progress in the intelligent construction of its FB business, improving efficiency and product quality [11]. - The company is advancing its global business strategy, having established operations in over 30 countries and regions, including new entities in Vietnam, Hong Kong, and Japan [11]. - The company expects to achieve net profits of 500 million, 610 million, and 730 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 29, 24, and 20 [11].