格隆汇9月12日丨三友联众(300932.SZ)在互动平台表示，公司产品目前暂未直接应用于芯片。但在高端 智能制造领域，公司的通用功率继电器、信号继电器、工控继电器及高压直流继电器等核心产品，可广 泛应用于工业自动化设备、精密控制、能源管理及智能装备等场景，为智能制造系统提供高可靠性的连 接、控制和保护解决方案。公司将持续关注智能制造技术发展趋势，不断推进产品创新与产业化应用， 积极把握制造业转型升级带来的市场机遇，助力客户提升自动化与智能化水平。 ...

三友联众9月12日在互动平台表示，公司产品目前暂未直接应用于芯片。但在高端智能制造领域，公司 的通用功率继电器、信号继电器、工控继电器及高压直流继电器等核心产品，可广泛应用于工业自动化 设备、精密控制、能源管理及智能装备等场景，为智能制造系统提供高可靠性的连接、控制和保护解决 方案。 ...

Core Viewpoint - The company, Sanyou Lianzhong, is currently not directly applying its products in the chip sector but is focusing on high-end intelligent manufacturing solutions [1] Group 1: Product Applications - The company's core products, including general power relays, signal relays, industrial control relays, and high-voltage DC relays, are widely applicable in industrial automation equipment, precision control, energy management, and intelligent equipment [1] - These products provide high reliability in connection, control, and protection solutions for intelligent manufacturing systems [1] Group 2: Market Opportunities - The company is committed to continuously monitoring the development trends in intelligent manufacturing technology [1] - It aims to promote product innovation and industrial application to seize market opportunities arising from the transformation and upgrading of the manufacturing industry [1] - The company seeks to assist clients in enhancing their automation and intelligence levels [1]

Financial Performance - In 1H25, the company achieved revenue of 8.347 billion yuan, a year-on-year increase of 15.4%, and a net profit attributable to shareholders of 964 million yuan, up 14.2% year-on-year, with a non-recurring net profit of 927 million yuan, increasing by 17.9% [1] - For 2Q25, the company reported revenue of 4.36 billion yuan, a year-on-year increase of 15.5% and a quarter-on-quarter increase of 9.6%, with a net profit attributable to shareholders of 553 million yuan, up 13.2% year-on-year and 34.5% quarter-on-quarter, and a non-recurring net profit of 546 million yuan, increasing by 20.7% year-on-year and 43.5% quarter-on-quarter [1] Growth Trends - In 2Q25, the company's shipment value continued to show strong year-on-year growth, with an estimated overall shipment growth of over 20%, driven primarily by the new energy sector [2] - The new energy segment remains the core driver of growth, with shipments of high-voltage direct current for new energy vehicles and new energy inverters both increasing by over 50% year-on-year, benefiting from strong domestic new energy vehicle sales and recovering European demand [2] - Industrial control and signal relays also showed a recovery, with shipments increasing by over 30% year-on-year in 2Q25, while automotive low-voltage shipments grew by 16-17% year-on-year [2] Modular Business and Product Development - The modular business continued to expand, with significant growth in automotive modules, particularly high-voltage distribution boxes, which saw nearly 200% year-on-year growth in shipments for 1H25 [3] - New products such as film capacitors, connectors, fuses, and current sensors are in the process of customer expansion and market introduction, awaiting further order releases [3] Profitability and Cost Management - In 2Q25, the company's gross margin improved to 34.7%, with a year-on-year increase of 0.03 percentage points and a quarter-on-quarter increase of 0.9 percentage points, benefiting from product structure optimization and increased revenue scale [3] - The company's expense ratio decreased to 15.3% in 2Q25, with year-on-year and quarter-on-quarter changes of -1.3 percentage points and -2.5 percentage points, respectively, primarily due to positive exchange rate effects on financial expenses [3] Earnings Forecast and Valuation - The company maintains its profit forecast for 2025 and 2026 at 1.926 billion yuan and 2.248 billion yuan, respectively, with a target price of 30.0 yuan, corresponding to P/E ratios of 17.9x and 15.3x for 2025 and 2026 [4] - The target price implies an upside potential of 27.1%, maintaining an outperform rating in the industry [4]