格隆汇8月18日丨先进数通(300541.SZ)公布半年度报告，报告期内，公司营业收入13.80亿元，较上年同 期增长33.06%，其中IT基础设施建设业务收入增长53.53%，软件解决方案业务下降19.78%，IT运维服 务业务收入基本持平。报告期内，公司综合毛利率14.94%，较上年同期略有下降。公司综合毛利率主 要由业务结构与产品结构因素决定，IT基础设施建设业务较上年大幅增长，但其毛利率相对较低；来自 银行的业务及毛利率较上年均有下降；使得公司综合毛利率较上年同期下降。报告期内，公司实现归属 上市公司股东净利润6,260万元，较上年同期上升694.25%。来自IT基础设施建设业务的收入大幅增长， 毛利率也有所上升是公司净利润较上年同期有较大幅度上升的主要原因。报告期内非经常性损益1,267 万元对净利润也有较大影响。报告期内，公司投资收益145万元，对净利润的影响为123万元；上年同期 投资损失917万元，对净利润的影响为-781万元。 ...

Core Insights - The company reported a revenue of 991 million yuan for the first half of 2025, representing a year-on-year increase of 8.09% [1] - The net profit attributable to shareholders reached 117 million yuan, up 14.18% year-on-year, while the net profit excluding non-recurring items was 114 million yuan, reflecting a 20.72% increase [1] Business Performance - In the first half of 2025, the experimental equipment segment generated revenue of 310 million yuan, a year-on-year increase of 6.32%, attributed to the concentration of large orders [2] - The environmental testing services segment achieved revenue of 487 million yuan, up 5.75% year-on-year, with a gross margin of 54.95% [2] - The integrated circuit verification and analysis services segment reported revenue of 155 million yuan, a 21.01% increase year-on-year, although gross margin decreased to 36.49% due to rising depreciation and personnel costs [2] Profitability and Cash Flow - The overall gross margin for Q2 2025 was 42.99%, down 4.46 percentage points year-on-year, primarily due to the increased proportion of lower-margin experimental equipment revenue [3] - The net profit margin improved to 13.60%, an increase of 0.84 percentage points year-on-year, despite the decline in gross margin [3] - Operating cash flow net amount reached 199 million yuan, a year-on-year increase of 44% [3] Profit Forecast and Valuation - The company adjusted its net profit forecasts for 2025 and 2026 down by 11.2% and 11.6% to 282 million yuan and 353 million yuan, respectively [4] - The current stock price corresponds to a price-to-earnings ratio of 29.7 times for 2025 and 23.8 times for 2026, with a target price of 21.00 yuan, indicating a potential upside of 27.3% [4]