[Table_Stock] 泰晶科技（603738） | [Table_Author] 分析师: | 陈凯 | | --- | --- | | Tel: | 021-53686412 | | E-mail: | chenkai@shzq.com | | SAC 编号: | S0870525070001 | [Table_BaseInfo] 基本数据 | 最新收盘价（元） | 15.77 | | --- | --- | | 12mth A 股价格区间（元） | 11.97-17.91 | | 总股本（百万股） | 389.32 | | 无限售 A 股/总股本 | 100.00% | | 流通市值（亿元） | 61.40 | [Table_QuotePic] 最近一年股票与沪深 300 比较 -6% 0% 6% 12% 18% 24% 30% 35% 41% 08/24 11/24 01/25 04/25 06/25 08/25 泰晶科技 沪深300 [Table_ReportInfo] 相关报告： 《盈利阶段承压难掩长期增长趋势，加码 车规高附加值产品序列》 ——2025 年 05 月 10 日 [Table_ ...

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company is experiencing short-term pressure on performance, primarily due to price adjustments in response to market changes and high fixed costs associated with ramping up production of new automotive and active products, leading to a decline in gross margin and net profit [2][4] - The company is optimizing its product structure by reducing the proportion of low-value-added products and focusing on high-margin products, which has resulted in significant sales growth in specific segments [4][9] - The company is increasing its R&D investment to strengthen its core product competitiveness and is actively expanding into emerging markets to enhance market share [8][9] Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 459 million yuan, a year-on-year increase of 16.73%, while the net profit attributable to the parent company was 22 million yuan, a decrease of 61.59% [1] - For Q2 2025, the company reported revenue of 258 million yuan, a year-on-year increase of 22.47%, but the net profit attributable to the parent company was 13 million yuan, down 50.33% year-on-year [2] Profitability Metrics - The gross margin for H1 2025 was 17.59%, a decrease of 7.63 percentage points year-on-year, with Q2 2025 gross margin at 17.36% [3] - The operating expense ratio for H1 2025 was 13.68%, an increase of 2.58 percentage points year-on-year [3] Product Strategy - The company is focusing on high-end product layout and strengthening cooperation with core customers to enhance order scale and leverage its comprehensive product layout advantages [4] - The company has seen a 48.24% increase in sales of small-sized products and a 195.39% increase in sales of active products, indicating a successful shift towards high-margin offerings [4] Market Expansion - The company is targeting key markets such as IoT, mobile terminals, and industrial control to increase market penetration and is focusing on high-end applications in satellite navigation and optical communication [9] Earnings Forecast - The company’s projected revenues for 2025-2027 are 998 million, 1.15 billion, and 1.32 billion yuan, with year-on-year growth rates of 21.6%, 15.2%, and 15.0% respectively [10] - The projected net profits for the same period are 58 million, 87 million, and 117 million yuan, with a year-on-year growth of -33.8%, 49.5%, and 35.0% respectively [10]