公司报告 | 半年报点评 东睦股份（600114） 证券研究报告 业绩再创半年度新高，MIM 业务保持超高速增长 中报业绩：25H1 实现营收 29.3 亿元，同比+24.5%；归母净利润 2.61 亿元，同比+37.6%；扣非归母 净利润 2.5 亿元，同比+40.6%。其中 Q2 实现营收 14.7 亿元，同比+17.6%，环比+0.8%；实现归母净 利润 1.49 亿元，同比+37.6%，环比+33.6%。 MIM 强势增长与降本增效共振，盈利能力持续提升 营收端，25H1 公司实现主营业务营收 29.12 亿元，yoy+24.76%，P&S/SMC/MIM 三大业务板块分别 实现营收 12.61/4.44/12.07 亿元，yoy+13.59%/-2.68%/+57.26%，其中 Q2 分别实现营收 6.35/2.54/5.73 亿元，环比+1.5%/+33.8%/-9.7%，MIM 业务同比保持超高速增长，生产稼动率提升和边际改善，折 叠机铰链成为公司发展重要增长极。盈利端，25H1 公司毛利率 23.72%，yoy-0.72pcts，P&S/SMC/MIM 板块毛利率分别为 24.07%/15.8 ...

Group 1 - The AI wave is driving a surge in demand for computing power, significantly increasing the value in sectors such as servers, optical modules, storage, and PCBs [1] - 3D printing is set to accelerate penetration in the consumer electronics sector, with potential applications in precision components like foldable device hinges and watch/phone frames, marking the beginning of a new era for 3D printing in consumer electronics [1] - The reduction in training and inference costs is expected to foster the prosperity of AI applications, with significant potential for edge AI, particularly in devices like headphones and glasses [1] Group 2 - Amidst rising tensions between China and the US, China is vigorously promoting domestic production substitution, leading to a surge in orders for Korean 8-inch wafer foundries and a rapid increase in the global market share of domestic wafer foundry companies [1] - The next three years will see "advanced process expansion" as a key focus for self-sufficiency, with CoWoS and HBM positioning themselves in line with AI industry trends, highlighting the importance of advanced packaging [1] - OLED panel revenue is projected to grow by 2% year-on-year in Q1 2025, driven by increased shipments of AR glasses, automobiles, and smartwatches, while upstream sectors such as passive components, digital SoCs, RF, storage, and testing are showing signs of recovery [1]