营收端，25 年前三季度实现营收 14.58 亿元，yoy+5.03%，Q3 单季度实现 4.72 亿元，yoy-1.2%，环比-16.4%。盈利端，公司 25Q3 毛利率 26.84%，同 环比-4.96/-2.01pct；期间费用率 10.4%，环比+1.0pct，主要系研发费用率 上升；最终录得净利率 17.01%，同环比-3.06/+0.97pct。全球电气化进程带 动软磁材料市场需求扩大、行业景气度不断攀升，但向好态势也吸引众多 参与者入局，导致行业市场竞争日趋激烈，公司依托产能释放实现营收增 长，但因竞争加剧下毛利率下降，导致利润增幅低于收入增幅。 非晶电机打开成长空间，纳米晶&磁粉培育新增长极 非晶板块：非晶变压器较硅钢变压器空载节能 60%-80%，替代空间广阔。 公司国际化战略成效显著，非晶产品已远销印度、韩国等 30 余个国家，非 晶合金产品境外销量和规模快速增长。在工业、建筑、轨道交通、数据中 心等领域，公司实现非晶规模化应用突破，非晶干式变压器市场销售量同 比+50%以上。新应用领域方面，广汽昊铂 HL 搭载非晶电机，据非晶中国 大数据中心显示，这是全球第一款量产上路的非晶驱动电机，有 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][6]. Core Insights - The company reported a revenue of 861 million yuan for H1 2025, representing a year-on-year increase of 8.11%, with a net profit attributable to shareholders of 191 million yuan, up 3.28% year-on-year [1]. - The company is positioned as a leader in the soft magnetic core industry, benefiting from high demand in downstream sectors such as new energy vehicles, photovoltaics, and AI [4]. - The chip inductor business is entering a rapid growth phase, with significant potential for expansion as production capacity is set to be released soon [4]. Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 861 million yuan, with a net profit of 191 million yuan, and a non-recurring net profit of 188 million yuan, showing growth rates of 8.11%, 3.28%, and 4.67% respectively [1]. - For Q2 2025, revenue reached 477 million yuan, a year-on-year increase of 3.54% and a quarter-on-quarter increase of 24.54% [1]. Business Segments - Magnetic powder cores generated revenue of 657 million yuan in H1 2025, up 11.97% year-on-year, driven by growth in sectors like AI servers and new energy vehicles [2]. - Chip inductors saw a revenue decline to approximately 176 million yuan, down 9.71% year-on-year, primarily due to a transition period for module customers [2]. - The magnetic powder segment reported revenue of 26.38 million yuan, a significant increase of 90.35% year-on-year, attributed to strong demand in emerging applications [2]. Profitability and Margins - The company's overall gross margin for H1 2025 was 39.77%, a slight decrease of 0.71 percentage points year-on-year, but improved to 41.44% in Q2 2025, reflecting a recovery in production capacity and stable shipment structure [3]. Growth Prospects - The company is actively expanding its production capacity through private placement projects, indicating strong growth potential [4]. - Forecasts suggest that the company will achieve net profits of 505 million yuan, 648 million yuan, and 824 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 42, 32, and 26 [5][4].