消费电子：规模下降影响稼动率，2025H1 毛利率承压 事件 公司发布2025 年中报，实现营收25.2 亿元，同比+17.7%，实现归母净利润2.4 亿元，同比-21.1%。其中 Q2 实现营收13.3 亿元，同比+20.3%，环比+11.0%，实现归母净利润1.2 亿元，同比-18.1%，环 比-3.2%。 汽车：产业趋势加速，公司高速连接器保持高增长 2025H1 公司汽车连接器收入8.1 亿元，同比+35.8%，我们将搭载可实现城区NOA硬件的车型定义为 L2+，根据高工智能汽车数据，2025H1 国内L2+车型累计销量238.3 万辆，渗透率达到22.5%，同比 +11.2pct，带动汽车高速连接器需求释放，公司有望持续受益。2025H1 公司汽车连接器毛利率为 37.5%，同比-3.3pct，我们认为主要系客户结构调整及年降影响。2025 年H2 随着行业进入旺季叠加更 多智驾新车型上市，公司汽车收入规模有望进一步向上，有望带动汽车业务毛利率相比2025H1 回升。 投资建议 结合公司2025H1 实际经营情况，我们预计公司2025-2027 年营业收入分别为56/72/83 亿元，同比分别 +2 ...

Core Viewpoint - The company reported strong revenue and profit growth for 2024, with a focus on R&D investment and advancements in various business segments, particularly in automotive electronics and AI-related products [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 12.659 billion, a year-on-year increase of 17.68%, and a net profit attributable to shareholders of 1.169 billion, up 24.86% year-on-year [1]. - For Q1 2025, revenue was 3.343 billion, reflecting a year-on-year growth of 21.90%, while net profit was 0.325 billion, up 2.18% year-on-year [1]. - The gross margin for 2024 was 22.73%, a slight decrease of 0.44 percentage points year-on-year, while the net margin improved by 0.70 percentage points to 9.16% [1]. R&D Investment and Business Highlights - The company increased R&D expenditure to 0.758 billion in 2024, a rise of 26.12%, with an R&D expense ratio of 5.98% [2]. - Significant advancements were made in the data center sector, with AI server products achieving mass production and breakthroughs in high-speed PCB products [2]. - In the automotive electronics sector, the company established a strong customer base, achieving a revenue of 5.8 billion, a year-on-year increase of 33%, accounting for 48% of total revenue [2]. Profitability Analysis - Q1 2025 showed steady growth, but profitability faced pressure due to rising raw material costs and increased competition in the automotive electronics sector [3]. - The company is experiencing a high utilization rate, with strong visibility in downstream orders, although price pressures remain in the automotive sector [3]. Future Outlook - The company is expected to make significant progress in the AI computing sector, particularly in high-layer boards and HDI products, with a focus on high-end capacity [4]. - The Zhuhai factory is positioned as a lighthouse factory for high-value products, with a production capacity of 1.2 million square meters for high-layer boards and 300,000 square meters for HDI/SLP products [4]. Long-term Growth Potential - The company's management and strategic focus on high-end automotive and data communication products are expected to unlock new growth opportunities [5]. - The ongoing upgrades in high-end production capacity are anticipated to enhance performance and valuation in the medium to long term [5].