公le_司Su发m布ma2r0y]2 5Q2业绩： 25Q2：收入47.60 亿元（同比-12.1%），归母净利润3.27 亿元（同比-34.1%），扣非归母净利润2.68 亿 元（同比-40.6%）。 25H1：收入84.83 亿元（同比-10.9%），归母净利润6.61 亿元（同比-27.4%），扣非归母净利润5.78 亿 元（同比-32.7%）。 收入分析： 多媒体视听： H1 收入56.8 亿（同比-18.2%），参考洛图， H1 公司电视ODM 出货量523 万台（同比 +3%），其中Q1+10%/Q2-2%，目前越南产能从年初200 万台提升至H1 末的1100 万台可充分满足对美 需求。 LED 产业链：H1 收入28.1 亿（同比+8.7%）。 利润分析： Q2 归母净利率6.9%（同比-2.3pct），毛利率同比-1.9pct，销售/管理/研发/财务费率同比 各-0.2/+1.4/+1.8/+0.6pct，投入期产能爬坡成本波动，另政府补助等其他收入多8 千万增厚利润。 拆分看，H1 多媒体/LED 毛利率各同比-1.0/-3.9pct，净利润占比四六开。 投资建议：维持"买入" 我们的观点 ...

Core Viewpoint - The company has a solid foundation in its TV ODM business, significant advantages in the LED industry chain, and is actively expanding into the optical communication sector, which is expected to open up long-term growth opportunities [1][2]. Financial Performance - In 2024, the company achieved revenue of 20.33 billion, a year-on-year increase of 18.4%, and a net profit attributable to shareholders of 1.6 billion, a year-on-year increase of 0.9% [3]. - For Q4 2024, the company reported revenue of 4.16 billion, a year-on-year decrease of 7.1%, and a net profit of 230 million, a year-on-year decrease of 27.4% [3]. - In Q1 2025, the company generated revenue of 3.72 billion, a year-on-year decrease of 9.33%, with a net profit of 330 million, a year-on-year decrease of 19.30% [3]. - The company plans to distribute a cash dividend of 1.07 per 10 shares, totaling 484 million, with a dividend payout ratio of 30.23% [3]. Revenue Breakdown - In 2024, the smart display terminal business generated revenue of 15.0 billion, a year-on-year increase of 18.4%, with a gross margin of 13.1%, down 3.2 percentage points [3]. - The LED series business generated revenue of 5.33 billion, a year-on-year increase of 18.3%, with a gross margin of 28.6%, up 2.8 percentage points [3]. Profitability and Expense Ratios - In 2024, the overall gross margin decreased by 1.66 percentage points to 17.17%, with net profit margin down by 1.39 percentage points to 7.87% [4]. - For Q4 2024, the gross margin was 20.48%, with a net profit margin of 5.52%, down 1.55 percentage points year-on-year [4]. - In Q1 2025, the gross margin increased by 0.56 percentage points to 18.34%, while the net profit margin decreased by 1.11 percentage points to 8.99% [4].