l 投资要点 25H1 营收稳健增长，数据中心及服务器收入规模进一步提升。 公司不断丰富产品矩阵，推出一系列满足数据中心及服务器应用需求 的高性能 PCB 产品，在数据中心及服务器领域的收入规模进一步提 升，服务器 CPU 主板、存储板、散热板等产品稳定批量交付，GPU 板 组也在部分客户中取得实质性进展。上半年实现营业收入 25.65 亿 元，yoy+19.43%，实现归母净利润 1.96 亿元，yoy-11.96%，综合毛 利率 22.34%，yoy-0.34pct；单季度来看，Q2 实现营收 14.01 亿元， yoy+19.65%，qoq+20.33%，归母净利润 0.84 亿元，yoy-24.61%，qoq- 25.56%，综合毛利率 20.91%，yoy-2.95pct，qoq-3.15pct。 持续加大研发投入，服务器/AIPC/汽车多点开花。在服务器领域， 公司围绕小间距 BGA 夹线、SI 数据库、背钻 stub 及对准度等关键技 术升级；针对下一代服务器OAK平台开发混压工艺体系，通过Pin-lam 设备提升对准度控制水平，部分订单控制到 4mil 的对准度偏差，并 展开 Pcle6.0/ ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][18]. Core Viewpoints - The company achieved a revenue of 2.565 billion yuan in the first half of 2025, representing a year-on-year growth of 19.43%, while the net profit attributable to shareholders was 196 million yuan, a decrease of 11.96% year-on-year [2][4]. - The company is focusing on high-performance and high-reliability PCB products to meet the demands of data centers and servers, enhancing its market competitiveness [2][3]. - The company is actively expanding its global industrial layout, particularly in Thailand, to capture high-end PCB product orders related to AI servers and automotive electronics [2][3]. Financial Summary - Revenue projections for the company are as follows: 4.33 billion yuan in 2023, 4.57 billion yuan in 2024, 5.54 billion yuan in 2025, 6.66 billion yuan in 2026, and 7.90 billion yuan in 2027, with growth rates of -5.2%, 5.5%, 21.4%, 20.2%, and 18.6% respectively [4][10]. - The net profit attributable to shareholders is forecasted to be 519 million yuan in 2023, 353 million yuan in 2024, 443 million yuan in 2025, 553 million yuan in 2026, and 672 million yuan in 2027, with year-on-year growth rates of 69.1%, -31.9%, 25.3%, 25.0%, and 21.5% respectively [4][10]. - The company's latest diluted EPS is projected to be 1.63 yuan in 2023, decreasing to 1.11 yuan in 2024, and then increasing to 2.12 yuan by 2027 [4][10]. R&D and Market Position - The company increased its R&D investment to 111 million yuan in the first half of 2025, a year-on-year increase of 11.97%, focusing on high-end products in the automotive electronics sector [3]. - The company has established long-term partnerships with several international automotive brands and Tier 1 suppliers, enhancing its position in the automotive PCB market [3]. - In the consumer electronics sector, the company has quickly entered the AIPC market and established deep collaborations with multiple PC manufacturers, optimizing its product structure [3].

| | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入(元) | 2,564,546,348.28 | 2.147.370.990.70 | 19.43% | | 归属于上市公司股东的净利 | 195,849,763.70 | 222,453,160.53 | -11.96% | | 润(元) | | | | | 归属于上市公司股东的扣除 非经常性损益的净利润 | 183,779,370.54 | 210.731.909.09 | -12.79% | | (元) | | | | | 经营活动产生的现金流量净 | 190,186,846.05 | 325,298,206,94 | -41.53% | | 额(元) | | | | | 基本每股收益(元/股) | 0.62 | 0.70 | -11.43% | | 稀释每股收益(元/股) | 0.62 | 0.70 | -11.43% | | 加权平均净资产收益率 | 4.40% | 5.29% | -0.89% | | | 本报告期末 | 上年度末 | 本报告期末比上年度末增减 | | 总 ...

具体内容如下： 答：2025年上半年公司的收入主要由服务器、汽车电子、基站、交换机、路由器、PC及存储、消费电子构 成。公司在产能扩张的同时，积极推动产品及客户结构优化，实现公司的高质量发展。 证券之星消息，2025年8月12日奥士康（002913）投资者关系活动记录，中泰证券（600918）、中欧基金、鹏 华基金、诺德基金、交银施罗德基金、国联安基金、北海棣增投资、正圆私募基金、姚泾河私募基金、上海 睿郡资管、国融基金、兴业证券、东海基金、招银理财、昆仑健康险、金信基金、国寿安保基金、中国人寿 （601628）资管、九泰基金、德邦基金、深圳望正资管、苏大维格（300331）、开源证券、招商基金、北京 星石投资、上海肇万资管、上银基金、长盛基金、北京宏道投资、青骊投资管理、西部利得基金、善思投 资、北京泽铭投资、南方基金、国信证券、广发证券、财通证券（601108）、招商证券、博时基金参与。 问：公司今年半年报营收同比增长，但归母净利润同比下降主要原因是什么？ 答：2025年上半年公司实现营收25.65亿元，同比增长19.43%。由于泰国投产初期，面临产能爬坡及新产品良 率提升的挑战，短期内对公司利润产生一定 ...

Core Insights - The company reported a revenue of 4.566 billion yuan for 2024, representing a year-on-year growth of 5.45%, while the net profit attributable to shareholders was 353 million yuan, a decline of 31.88% [2][3] - In Q1 2025, the company achieved a revenue of 1.164 billion yuan, showing a year-on-year increase of 19.16%, and a net profit of 112 million yuan, which is a slight increase of 0.61% [2][3] - The company is actively advancing its global industrial layout, particularly focusing on high-end PCB products for AI servers, automotive electronics, and data centers, with significant investments in R&D and talent development [2][3] Revenue and Profit Analysis - For 2024, the company’s revenue was 4.566 billion yuan, with a net profit of 353 million yuan, indicating a significant drop in profitability [2][3] - The Q1 2025 results show a positive trend with a revenue of 1.164 billion yuan and a net profit of 112 million yuan, suggesting recovery and growth potential [2][3] Strategic Initiatives - The company is enhancing its production capabilities and technical level by investing in high-value-added PCB product R&D, equipment upgrades, and talent training [2][3] - A deep collaboration with Japan's Meiko Electronics is aimed at overcoming technical barriers in high-precision PCB manufacturing, thereby boosting global market competitiveness [2][3] Market Position and Product Development - The company has made significant progress in key areas such as automotive electronics, AIPC, data centers, and servers, focusing on high-end products like autonomous driving systems [3] - In the AIPC sector, the company has established stable supply relationships with multiple PC manufacturers, leading to a steady increase in supply volume [3] - The company is also advancing next-generation technology R&D and launching high-performance PCB products tailored for data centers and servers, enhancing its market competitiveness [3] Profit Forecast - The company forecasts net profits for 2025-2027 to be 443 million, 553 million, and 672 million yuan respectively, with corresponding PE ratios of 17, 14, and 11 times [4] - The outlook remains positive due to the sustained market demand in automotive intelligence and AI server sectors, indicating a robust growth trajectory [4]