Core Viewpoint - Aopu Technology's H1 2025 financial results show a decline in revenue but an increase in net profit, indicating mixed performance influenced by the real estate market [1][2]. Financial Performance - In H1 2025, Aopu Technology achieved revenue of 820 million yuan, a year-over-year decrease of 4.9% [1]. - The net profit attributable to shareholders for H1 2025 was 130 million yuan, reflecting a year-over-year increase of 7.8% [1]. - For Q2 2025, the company reported revenue of 470 million yuan, down 1.5% year-over-year, and a net profit of 80 million yuan, up 15.4% year-over-year [1]. Business Segment Analysis - The electrical appliances segment generated revenue of 670 million yuan in H1 2025, a year-over-year increase of 0.9% [1]. - The materials segment saw revenue decline to 140 million yuan, a year-over-year drop of 21.3%, primarily due to low demand in the real estate sector [1]. Profitability and Cost Management - Aopu Technology's gross margin for H1 2025 was 44.5%, a decrease of 1.5 percentage points year-over-year [2]. - The gross margins for the electrical appliances and materials segments were 50.5% and 16.8%, respectively, with year-over-year declines of 2.7 percentage points and 5.1 percentage points [2]. - The net profit margin for Q2 2025 reached 17.3%, an increase of 2.5 percentage points year-over-year, attributed to a reduction in expense ratios [2]. Expense Management - The company successfully reduced its expense ratio by 4.6 percentage points year-over-year, with significant reductions in advertising expenses, which fell by 38.2% [2]. Future Outlook - Aopu Technology's projected net profits for 2025-2027 are 310 million, 330 million, and 360 million yuan, corresponding to price-to-earnings ratios of 16, 14, and 13 times, respectively [3]. - The target price for the company is set at 16.1 yuan, maintaining a "recommended" rating [3].

证 券 研 究 报 告 奥普科技（603551）2025 年半年报点评 推荐（维持） 费用控制良好，业绩有所提升 目标价：16.1 元 事项： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,866 | 1,926 | 2,027 | 2,154 | | 同比增速(%) | -6.5% | 3.2% | 5.2% | 6.3% | | 归母净利润(百万) | 297 | 305 | 332 | 358 | | 同比增速(%) | -3.9% | 2.6% | 8.9% | 7.9% | | 每股盈利(元) | 0.76 | 0.78 | 0.85 | 0.92 | | 市盈率(倍) | 16 | 16 | 14 | 13 | | 市净率(倍) | 3.3 | 3.1 | 3.1 | 3.0 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 8 月 27 公司研究 小家电Ⅲ 2025 年 08 月 28 日 | | | ...