Core Insights - The company reported a revenue of 2.467 billion yuan for H1 2025, a year-on-year increase of 20.16%, while the net profit attributable to shareholders was 105 million yuan, a decline of 40.59% [1] - In Q2 2025, the company achieved a revenue of 1.383 billion yuan, an increase of 8.14% year-on-year and a 27.64% increase quarter-on-quarter, but the net profit attributable to shareholders decreased by 46.83% year-on-year [1][2] Financial Performance - The gross margin for Q2 2025 was 19%, down 5.78 percentage points year-on-year but up 3.28 percentage points quarter-on-quarter [2] - The net profit margin was 4.80%, a decrease of 4.63 percentage points year-on-year, but an increase of 0.79 percentage points quarter-on-quarter [2] Business Segments - Energy products generated a revenue of 1.836 billion yuan in H1 2025, a year-on-year increase of 23.67%, driven by growth in global photovoltaic and energy storage installations [3] - Lighting products saw a revenue of 437 million yuan, a decline of 3.40% year-on-year due to business restructuring [3] - Other businesses, primarily incubation-related, achieved a revenue of 194 million yuan, a significant increase of 67.43% year-on-year [3] Growth Opportunities - The company is expanding its data center transformer production, with new product categories and market reach extending to Japan and the United States [4] - The company is also developing energy-efficient transformers and inductors for data centers, enhancing its product portfolio and market competitiveness [4] Investment Outlook - The company is expected to stabilize its profitability, with projected revenues of 5.898 billion yuan, 7.450 billion yuan, and 9.164 billion yuan for 2025-2027, corresponding to growth rates of 27.2%, 26.3%, and 23.0% [4] - Net profits are projected to be 307 million yuan, 457 million yuan, and 590 million yuan for the same period, with growth rates of 4.8%, 49.0%, and 29.1% [4]

伊戈尔（002922.SZ）2025 年半年报点评 1、数据中心变压器：25Q2 公司数据中心变压器产能逐步释放，在数据中心变压 器产品结构和市场拓展上取得突破：产品品类从数据中心用移相变压器拓展至数 据中心用环氧浇筑干式变压器、油浸式变压器等。销售区域从国内市场拓展至日 本、美国市场。2、电源电感：公司目前储备研发类产品有应用封装式一体成型 技术、体积更小、转化效率更高、散热更快的数据中心用电感产品，并将重点布 局研发更高能效、更低损耗的节能型变压器，进一步丰富产品组合，巩固提升公 司产品的市场竞争力。 ➢ 投资建议：公司盈利端企稳，AIDC 有望成为新增长曲线，我们预计公司 2025-2027 年营收分别为 58.98、74.50、91.64 亿元，对应增速分别为 27.2%、 26.3%、23.0%；归母净利润分别为 3.07、4.57、5.90 亿元，对应增速分别为 4.8%、49.0%、29.1%，以 8 月 29 日收盘价作为基准，对应 2025-2027 年 PE 为 32X、22X、17X，维持"推荐"评级。 25Q2 盈利环比改善，AIDC 有望成为新曲线 2025 年 08 月 31 日 ...