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环旭电子:Q1业绩同比平稳,AI眼镜 AI加速卡取得积极进展-20250507
HTSC· 2025-05-07 07:25
Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.00 RMB [7][4]. Core Insights - The company's Q1 2025 revenue reached 13.649 billion RMB, showing a year-on-year increase of 1.16%, while net profit attributable to shareholders was 335 million RMB, up 0.08% year-on-year. The operating profit margin was 2.9%, an increase of 0.1 percentage points year-on-year [1][2]. - The company expects a revenue decline of nearly 10% in Q2 2025, primarily due to seasonal factors and one-time costs related to capacity integration in Europe. Despite short-term challenges, the company is making positive strides in AI-related products, which are expected to contribute to future growth [1][3]. Business Segment Summary - **Communications Products**: Revenue of 4.49 billion RMB, down 3.2% year-on-year due to market competition and changes in customer products [2]. - **Consumer Electronics**: Revenue of 4.27 billion RMB, up 16.3% year-on-year, driven by customers placing orders in advance to mitigate tariff impacts [2]. - **Industrial Products**: Revenue of 1.76 billion RMB, up 3.5% year-on-year [2]. - **Cloud and Storage Products**: Revenue of 1.43 billion RMB, down 8.2% year-on-year due to customer value chain restructuring [2]. - **Automotive Electronics**: Revenue of 1.38 billion RMB, down 15.4% year-on-year, impacted by changes in the operating environment and strategy [2]. - **Medical Products**: Revenue of 90 million RMB, up 0.9% year-on-year [2]. Future Outlook - Short-term challenges are anticipated in communications and consumer electronics due to tariff policy disruptions and uncertain end-user demand. However, the long-term outlook remains positive, particularly for AI glasses and cloud storage products. The company plans to introduce new AI glasses and expects rapid growth in AI accelerator cards in 2025 [3][4].