Group 1 - The company achieved revenue of 330 million yuan in H1 2025, representing a year-over-year increase of 16%, with a net profit attributable to shareholders of 50.47 million yuan, up 8% year-over-year [1] - In Q2 2025, the company reported revenue of 173 million yuan, an 8% year-over-year increase and a 10% quarter-over-quarter increase, with a net profit of 27.46 million yuan, up 4% year-over-year and 19% quarter-over-quarter [1] - The company's cash flow from operating activities improved significantly, reaching 44.46 million yuan in H1 2025, a 73% year-over-year increase, while maintaining good control over expense ratios [1] Group 2 - Sensor revenue increased by 29% in H1 2025, driven by continuous R&D investment and product upgrades, while actuator revenue decreased by 33.16% due to reduced sales of electroacoustic devices [1] - Domestic revenue grew by 30% in H1 2025, while overseas revenue remained stable, indicating the company's efforts to expand in the domestic market [1] - R&D expenses increased by 12% in H1 2025, with an R&D expense ratio of 8.1%, reflecting the company's commitment to innovation and industry collaboration [2] Group 3 - The company launched several new products, including ultrasonic distance measurement solutions for lawnmowers and lead-free innovative products for smart devices, which are expected to drive revenue growth [2] - The company is well-positioned to capitalize on opportunities in automotive intelligence, consumer electronics, robotics, and medical fields, which may lead to sustained performance growth [3] - Profit forecasts for the company indicate net profits of 98 million yuan, 124 million yuan, and 147 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 47.8, 37.8, and 31.8 [3]

奥迪威 20250827 摘要 奥迪威 2025 年上半年营收同比增长 16.26%，归母净利润增长 7.8%，扣非后净利润增长 12%，经营活动现金流同比增长 73.07%， 财务状况稳健，但需关注境内外市场毛利率差异。 公司研发投入持续增加，2025 年上半年研发费用同比增长 12.29%， 占营收比重达 8.08%，主要用于智能传感器和执行器领域的核心技术研 发，包括敏感材料、换能芯片等。 传感器业务是主要增长驱动力，2025 年中报显示同比增长 29%，受益 于智能驾驶、工控仪表和机器人赛道，而执行器业务受电声器件和海外 安防订单下滑影响。 奥迪威积极拓展新兴应用领域，如 AI 服务器液冷散热系统、水下机器人、 割草机器人等，并与头部系统集成商合作，提供数字信号和控制软件。 公司在液冷散热技术上取得突破，采用动态管理方式和涡接技术，实现 毫秒级响应和 3%以内的测量精度，目标毛利率为 40%-50%以上。 奥迪威正从模拟信号器件向数模转换数字信号升级，致力于数字化、智 能化、集成化和微型化，以适应人工智能嵌入需求，并推动下游客户产 品升级。 公司未来五年战略目标是成为国际市场主要参与者，通过技术迭代升 ...