据证券之星公开数据整理，近期四方光电（688665）发布2025年中报。截至本报告期末，公司营业总收 入5.08亿元，同比上升49.36%，归母净利润8412.38万元，同比上升103.41%。按单季度数据看，第二季 度营业总收入2.92亿元，同比上升47.56%，第二季度归母净利润5137.2万元，同比上升138.89%。本报 告期四方光电应收账款上升，应收账款同比增幅达45.49%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率43.75%，同比增5.82%，净利率16.52%，同比增 35.36%，销售费用、管理费用、财务费用总计7741.45万元，三费占营收比15.24%，同比减5.53%，每股 净资产10.86元，同比增14.22%，每股经营性现金流-0.2元，同比增4.22%，每股收益0.84元，同比增 104.88% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 3.4亿 | 5.08亿 | 49.36% | | 归母净利润（元） | 4135.6万 | 8412.38万 | 103.41% ...

Core Viewpoint - Sifang Optoelectronics (688665.SH) reported significant growth in its 2025 semi-annual report, with a notable increase in both revenue and net profit, driven by its industrial and safety business and recent acquisitions [1] Financial Performance - The company's operating revenue reached 508 million yuan, representing a year-on-year growth of 49.36% [1] - Net profit attributable to shareholders was 84.12 million yuan, showing a year-on-year increase of 103.41% [1] - The net profit after deducting non-recurring gains and losses was 76.56 million yuan, reflecting an 88.13% year-on-year growth [1] - Basic earnings per share stood at 0.84 yuan [1] Business Growth Drivers - The substantial revenue growth was primarily attributed to the rapid expansion of the industrial and safety business, particularly in refrigerant leak monitoring sensors [1] - The inclusion of the recently acquired subsidiaries, Nopu Thermal Energy and Jingding Electric, in the consolidated financial statements also contributed to the increased revenue [1]

Core Viewpoint - Sifang Optoelectronics expects a significant increase in revenue and net profit for the first half of 2025, driven by favorable market conditions and strategic acquisitions [1][3]. Financial Performance - The company anticipates a revenue of 508 million yuan for the first half of 2025, representing a year-on-year increase of 49.36% [3]. - The expected net profit attributable to the parent company is 84.12 million yuan, reflecting a year-on-year growth of 103.38% [3]. - The net profit after deducting non-recurring gains and losses is projected to be 76.56 million yuan, an increase of 88.15% compared to the previous year [3]. Business Growth Drivers - Sifang Optoelectronics capitalized on North America's greenhouse gas reduction policies and the transition to low GWP refrigerants, leading to high growth in its industrial and safety business, particularly in refrigerant leak monitoring sensors [3]. - The acquisitions of Zhongshan Nopu Thermal Technology Co., Ltd. and Guangzhou Jingding Electric Technology Co., Ltd. in April 2024 contributed significantly to revenue growth in the low-carbon thermal business [3]. Operational Efficiency - The company has optimized its product revenue structure, which has positively impacted overall gross margin [4]. - Effective management of sales, administrative, and R&D expenses has improved operational efficiency, resulting in a lower growth rate of expenses compared to revenue growth [4]. - The combination of rapid revenue growth, improved gross margins, and ongoing expense optimization has led to a substantial increase in net profit [4].

Group 1 - The company is conducting a board of directors election as the second term has expired, and the third board will be formed after approval from the shareholders' meeting [1][2] - The board has nominated candidates for both non-independent and independent director positions, with specific qualifications and backgrounds provided for each nominee [2][3] - The election will follow a cumulative voting system, and the new board members will serve a three-year term starting from the date of approval [2][3] Group 2 - The company has scheduled its first extraordinary shareholders' meeting for August 6, 2025, to discuss the board election and other matters [9][10] - The meeting will utilize both on-site and online voting methods, with specific timeframes outlined for each voting method [11][12] - Shareholders must register to attend the meeting, with detailed instructions provided for both individual and institutional shareholders [19][20] Group 3 - The company has released a voluntary half-year performance forecast, estimating a revenue of 507.9 million yuan for the first half of 2025, representing a 49.36% increase year-on-year [35] - The forecasted net profit attributable to the parent company is 84.12 million yuan, indicating a 103.38% increase compared to the same period last year [35] - The growth is attributed to the company's strategic positioning in the market, particularly in response to North American greenhouse gas reduction policies and the acquisition of new subsidiaries [36]

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company has experienced rapid growth in performance over the past two quarters, with continuous advancement in various business segments, indicating a promising future [1] - The company reported a revenue of 873 million yuan for 2024, representing a year-on-year growth of 26.23%, while the net profit attributable to the parent company was 113 million yuan, a decrease of 15.03% [1] - In Q1 2025, the company achieved a revenue of 215 million yuan, a year-on-year increase of 51.88%, and a net profit of 32.75 million yuan, up 64.98% year-on-year [1] Summary by Sections Business Performance - The HVAC business saw a revenue increase of 11.57% in 2024, stabilizing after previous declines, supported by a comprehensive service capability from sensor production to complete machine solutions [2] - The industrial and safety business experienced significant growth, with a revenue increase of 136.01% in 2024, driven by products like refrigerant leak monitoring sensors [2] - The automotive electronics segment grew by 15.97% in 2024, with new projects contributing 817 million yuan [2] - The medical health business revenue decreased by 52.32% in 2024 due to normalization after a health event in 2023 [2] - The smart metering business grew by 62.37% in 2024, while the scientific instruments segment increased by 8.25% [2] - The low-carbon thermal engineering business made breakthroughs through strategic acquisitions, enhancing the supply chain for gas wall-hung boilers [2] Strategic Investments - The company strategically invested in key components of premixed condensing gas wall-hung boilers, acquiring 57.14% of Nopu Thermal Energy and 51% of Jingding Electric, integrating resources for a comprehensive supply chain solution [3] Financial Forecast and Valuation - The company is expected to achieve net profits of 155 million yuan, 207 million yuan, and 276 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 26, 19, and 15 [4] - The company maintains a stable customer base with significant opportunities arising from the expanding market for gas sensors and analysis instruments [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. Core Views - The company has experienced rapid growth in revenue and net profit across various business segments, indicating a positive outlook for future performance [1][2]. - The company is actively expanding its market presence and enhancing its product offerings, particularly in HVAC, industrial safety, automotive electronics, medical health, smart metering, and scientific instruments [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 873 million yuan, a year-on-year increase of 26.23%, while the net profit attributable to the parent company was 113 million yuan, a decrease of 15.03% [1]. - For Q1 2025, the company reported revenue of 215 million yuan, a year-on-year increase of 51.88%, and a net profit of 32.75 million yuan, up 64.98% [1]. Business Segments - HVAC business revenue grew by 11.57% in 2024, stabilizing after previous declines, supported by a comprehensive service capability [2]. - Industrial and safety business revenue surged by 136.01%, driven by products like refrigerant leak monitoring sensors [2]. - Automotive electronics revenue increased by 15.97%, with significant project deliveries and new product developments [2]. - Medical health business revenue declined by 52.32% due to normalization after a health event in 2023 [2]. - Smart metering business revenue grew by 62.37%, while scientific instruments revenue increased by 8.25% [2]. Strategic Investments - The company made strategic investments in key components for gas wall-hung boilers, acquiring significant stakes in Nopu Thermal Energy and Jingding Electric, enhancing its supply chain capabilities [3]. Profit Forecast - The company is expected to achieve net profits of 155 million yuan, 207 million yuan, and 276 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 26, 19, and 15 [4].