事件： 公司发布2025 年半年报：2025 年上半年实现营业收入81.7 亿元，YoY-2.6%；归母净利润20.6 亿元， YoY-8.0%；扣非归母净利润18.4 亿元，YoY-3.2%。25Q2 公司实现营业收入42.5 亿元，YoY-7.4%；归母 净利润10.8 亿元，YoY-17.2%；扣非归母净利润9.9 亿元，YoY-9.1%。公司公告4 月24 日起未来12 个月 拟回购股份2.5-4.0 亿元，截至7 月末已累计回购股份497.2 万股，回购金额2.5 亿元。 传统业务短期承压，新能源业务增势良好。2025 年上半年公司电连接产品/智能电工照明业务/ 新能源 业务分别实现收入36.6/40.9/3.9 亿元， 同比-5.4%/-2.8%/+33.5%。电连接产品中，转换器业务聚焦高端 时尚方向推动产品升级，针对细分场景开发专业配套产品，2025 年上半年推出多开关、带快充、线性 轨道等产品进一步丰富产品矩阵；智能电工业务实现市占率进一步提升，2025 年上半年上市"蝶翼III 超 薄开关"、拨杆开关、"全屋WiFi 插座"等新品，积极推动全品类旗舰店和新零售模式建设；新能源业务 2025 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a revenue of 8.17 billion yuan for the first half of 2025, a year-on-year decrease of 2.6%, and a net profit attributable to shareholders of 2.06 billion yuan, down 8.0% year-on-year [5] - The traditional business faces short-term pressure, while the new energy business continues to grow, with a 33.5% year-on-year increase in revenue [6] - The company plans to repurchase shares worth 250 to 400 million yuan over the next 12 months, having already repurchased shares worth 250 million yuan by the end of July [5] Financial Performance Summary - In Q2 2025, the company achieved a revenue of 4.25 billion yuan, down 7.4% year-on-year, and a net profit of 1.08 billion yuan, down 17.2% year-on-year [5] - The gross profit margin for H1 2025 was 42.3%, a decrease of 0.6 percentage points year-on-year, while the gross profit margin for Q2 2025 was 43.5%, a decrease of 0.1 percentage points year-on-year [7] - The company’s cash flow from operating activities for H1 2025 was 2.38 billion yuan, an increase of 0.7% year-on-year, indicating good cash generation capability [7] Profit Forecast and Valuation - The company is expected to maintain its leading position in the civil electrical industry while expanding into new energy sectors, with net profit forecasts for 2025 and 2026 adjusted to 4.2 billion yuan and 4.5 billion yuan respectively [8] - The current price corresponds to a price-to-earnings ratio of 20, 19, and 18 for 2025, 2026, and 2027 respectively [8]