[Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 | [行业Table_Industry] : | 通信 | | --- | --- | | 日期: | shzqdatemark 2025年09月16日 | | [Table_Author] 分析师: | 刘京昭 | | --- | --- | | E-mail: | liujingzhao@shzq.com | | SAC 编号: | S0870523040005 | | 联系人: | 杨昕东 | | SAC 编号: | S0870123090008 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 0% 17% 34% 51% 68% 85% 102% 119% 136% 09/24 11/24 02/25 04/25 07/25 09/25 通信 沪深300 [Table_ReportInfo] 相关报告： 《国产芯片替代加速，光交换开启新纪 元》 ——2025 年 08 月 26 日 《大规模算力具备必要性，国产 AI 芯片生 态不断完善》 ——2025 年 08 月 21 日 《周专题： ...

8月26日，港交所最新公告显示，Seyond图达通更新了招股书。招股书显示，2025年第一季度，公司实现收入2529.6万美元，毛 利润为319.7万美元，毛利率为12.6%，延续了2024年第四季度的正向毛利态势。图达通表示，根据赢单设计转化为采购订单的 历史转化率，公司预计该等赢单设计能在一年内转化为销售订单。 | | 截至12月31日止年度 | | | 截至3月31日止三個月 | | | --- | --- | --- | --- | --- | --- | | | 2022年 | 2023年 | 2024年 | 2024年 | 2025年 | | | | | (千美元) | | | | | | | | (未經審計) | | | 收入 | 66,302 | 121,108 | 159.575 | 26,222 | 25.296 | | (毛損)毛利 | (41,321) | (42,359) | (13.906) | (8,801) | 3.197 | | 年 / 期內虧損 | (188,165) | (218.970) | (398,195) | (40,446) | (14.813) | | (毛損 ...

Core Viewpoint - The company has demonstrated significant growth in revenue and profit in 2024 and Q1 2025, driven by increased demand in the consumer electronics sector and strategic expansion into new markets and product lines [1][2]. Financial Performance - In 2024, the company achieved a revenue of 1.566 billion yuan, a year-on-year increase of 24.51% - The net profit attributable to shareholders reached 201 million yuan, up 173.04% - The net profit after deducting non-recurring items was 174 million yuan, growing by 228.14% - For Q1 2025, the company reported a revenue of 349 million yuan, a 16.41% increase year-on-year - The net profit attributable to shareholders was 62 million yuan, up 105.70% - The net profit after deducting non-recurring items was 56 million yuan, increasing by 214.99% [1]. Industry Trends and Developments - The consumer electronics industry is experiencing a recovery, with the company expanding its business beyond mobile phones to other terminal products in North America - The demand for new cooling solutions is rising due to AI-driven product iterations in consumer electronics and digital infrastructure [2]. - The company has strengthened its position in the artificial synthetic graphite materials sector and is enhancing its market share in die-cut components [3]. Strategic Initiatives - The company is actively pursuing industry solutions and core materials for computing power devices, creating new growth avenues - It has achieved product certification and mass production for its integrated VC module products in the data center communication sector [3]. - The company is expanding its international presence, establishing Singapore as its overseas headquarters and Thailand as a production base [3]. Profitability and Investment Outlook - The company has maintained a gross margin of 30.95% in 2024, an increase of 5.84 percentage points year-on-year - The net profit margin reached 12.80%, up 7.08 percentage points year-on-year - The company is expected to see continued profit growth, with projected net profits of 266 million, 320 million, and 373 million yuan for 2025-2027, respectively [2][4].