Core Viewpoint - The company reported a stable performance in H1 2025, with revenue growth and a slight decline in net profit, indicating a solid financial position and effective cost control despite challenges in profit margins [1][2][3]. Financial Performance - In H1 2025, the company achieved revenue of 32.05 billion yuan, a year-over-year increase of 20.4%, while the net profit attributable to shareholders was 1.61 billion yuan, remaining flat compared to the previous year [1]. - In Q2 2025, the company recorded revenue of 18.78 billion yuan, up 26.6% year-over-year, but net profit decreased by 3.6% to 1.06 billion yuan, attributed to a high base from the same period last year [1]. - The company maintained a good cost control with a total expense ratio of 7.9%, down 2.1 percentage points year-over-year, mainly due to a reduction in R&D expenses [1]. Product Development and Market Position - The company is accelerating the commercialization of high-end optical fiber products, including ultra-low loss fiber and multi-core fiber, with advanced loss values achieved in specific bands [1]. - The company is investing in AI advanced fiber expansion projects, expected to be completed by February 2026, which will likely enhance the gross margin of its fiber business [1]. Order Backlog and Market Demand - As of H1 2025, the company has a backlog of orders in the energy interconnection sector amounting to approximately 20 billion yuan, with strong demand in deep-sea applications [3]. - The company has secured over 2.6 billion yuan in new marine energy projects in H1 2025, indicating robust domestic and international order inflow [2][3]. - The company is positioned as one of the four domestic firms capable of cross-ocean cable engineering, with a significant backlog in marine communication business amounting to about 7.5 billion yuan [3]. Profitability Forecast - The company is expected to see continued improvement in profitability, with projections for net profit attributable to shareholders of 3.37 billion yuan, 3.90 billion yuan, and 4.52 billion yuan for 2025-2027, respectively [3].

公司点评 | 亨通光电 业绩符合预期，特种光纤+深海领域赋能成长 证券研究报告 2025 年 08 月 28 日 亨通光电 2025 半年报点评 事件：公司发布 25 半年报，上半年实现营收 320.5 亿元，yoy+20.4%；归 母净利润 16.1 亿元，同比基本持平。Q2 单季度实现营收 187.8 亿元， yoy+26.6%；归母净利润 10.6 亿元，yoy-3.6%。业绩符合预期，单季度利 润增速下滑主要系 24 年同期基数较高。 费用控制良好，财务面稳定。上半年公司四项费用率为 7.9%，同比减少 2.1pct，主要系研发费用降低 1.1pct；毛利率为 13.6%，同比降低 3pct；净 利率为 5%，同比降低 1pct，主要系季度间产品结构变化导致毛利率变动。 | | | | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 47,622 | 59,984 | 68,084 | 74,925 | 82,479 | | 增长率 | 2.5% | 26.0% | ...