8月15日晚，菱电电控(688667)发布半年度业绩报告称，2025年上半年营业收入约6.32亿元，同比增加 17.78%；归母净利润4302.12万元，同比增加481.88%；归母扣非净利润3681.57万元，同比增长 959.57%。 在电动化产品领域，菱电电控主要竞争对手为华为、汇川技术（300124）、精进电动、阳光电源 （300274）、英博尔、蓝海华腾（300484）等多家国内涉及电驱电控公司。未来，公司将充分利用在 EMS 领域建立的客户优势，利用公司同时具备油、电开发能力的基础，持续拓展电动化产品的应用， 尤其是在混动车型上的应用。公司开发的 GECU 三合一产品获得某主机厂定点，动力车身域控产品在 某客户车型小批量产。 菱电电控是汽车动力电子控制系统提供商，主营业务包括汽车发动机管理系统、纯电动汽车动力电子控 制系统、混合动力汽车动力电子控制系统以及智能网联产品的研发、生产、销售和技术服务。公司的收 入主要来自新车型匹配开发阶段的技术服务收入，以及新车型匹配开发成功后电控系统的销售收入。 今年以来，菱电电控股价涨超60%。8月15日，菱电电控收盘价66.7元，最新市值为35亿元。 2025年 ...

Core Viewpoint - Lidian Electric Control is facing significant challenges post-IPO, with a drastic decline in net profits over the past four years, prompting the company to pursue an acquisition of Aoyikes to reverse its fortunes [1][5][8]. Financial Performance - Before its IPO, Lidian Electric Control experienced a remarkable profit surge, with net profits increasing sixfold from 2018 to 2020, reaching 157 million yuan in 2020 [3][5]. - Post-IPO, the company has seen a continuous decline in net profits, with 2024's net profit projected to be just over 600,000 yuan, nearing a loss [5][6]. - The company reduced its workforce by over 100 employees in 2024 to cut costs, which may help avoid losses [5][6]. Acquisition Details - Lidian Electric Control plans to acquire 98.426% of Aoyikes for a total consideration of 477.6 million yuan, despite Aoyikes' net profit dropping by 40% to 873,110 yuan in 2024 [1][8][9]. - Aoyikes has committed to achieving a cumulative net profit of at least 119.39 million yuan over the next three years post-acquisition, which raises questions given its current performance [9][10]. Industry Context - Aoyikes derives approximately 80% of its revenue from traditional fuel vehicle components, raising concerns about its ability to adapt to the industry's shift towards electric vehicles [11][14]. - The global electric vehicle market is growing, with a 24.4% increase in sales expected in 2024, indicating a potential risk for companies heavily invested in traditional automotive technologies [13][14]. - Both Lidian Electric Control and Aoyikes are relatively small players in the industry, with combined revenues insufficient to compete with major competitors like Bosch, which reported sales of 916 billion euros in 2023 [14].