abc 2025 年 10 月 14 日 Global Research 环旭电子 新增长动能的可预见性提高，上调目标价 上调目标价并重申买入评级 我们将公司的2025-27年的EPS预测上调了2%/5%/6%，并将公司未来12个 月的目标价上调至25.40元并维持买入评级。我们对公司的盈利增长更为乐 观的原因是：1 ）由于近期多个海外云计算以及大模型厂商对于AI资本支出 有积极的反馈，我们对公司的云端和存储业务的收入增长更为乐观；2）公 司作为微小化模组的领先厂商以及Meta眼镜的主要供应商（基于我们预 测），我们认为公司的AI眼镜相关的SiP模组存在进一步的上行空间。中长期 来看，我们对于公司作为全球最大的封测厂商日月光的子公司，在全球AI基 础设施、端侧AI等领域形成的协同性保持积极的看法；且我们估计公司的盈 利增长将自2026年起保持加速增长。因此，我们将目标市盈率上调至24倍 （较起历史平均21倍略高0.3倍标准差，与公司在最近一轮高景气度期间的 平均估值[即2020年，受到公司进入Airpods SiP的带动]接近），并保持买入 评级不变。 云端计算业务存在进一步上行空间 我们估计环旭是北美某大型 ...

Core Viewpoint - The performance of Huankyu Electronics in 1H25 met expectations, with a slight decline in revenue and a more significant drop in net profit compared to the previous year [1] Financial Performance - In 1H25, Huankyu reported revenue of 27.214 billion yuan, a year-on-year decrease of 0.63%, and a net profit attributable to shareholders of 638 million yuan, down 18.66% [1] - For 2Q25, the company achieved revenue of 13.565 billion yuan, a year-on-year decline of 2.37%, and a net profit of 303 million yuan, down 32.60% [1] - The gross margin for 2Q25 improved by 0.1 percentage points to 10.18%, while the expense ratio increased by 0.4 percentage points to 8.10% [1] Business Segmentation - Communications segment: Revenue of 8.867 billion yuan, down 3.21%, with a gross margin decrease of 0.49 percentage points to 6.57% [2] - Consumer electronics segment: Revenue of 8.383 billion yuan, up 8.60%, with a gross margin increase of 0.18 percentage points to 7.94% [2] - Industrial segment: Revenue of 3.694 billion yuan, up 1.37%, with gross margin remaining stable [2] - Cloud and storage segment: Revenue of 2.927 billion yuan, down 3.61%, with a gross margin increase of 3.27 percentage points to 21.27% [2] - Automotive electronics segment: Revenue of 2.682 billion yuan, down 16.04%, with a gross margin increase of 0.23 percentage points to 10.14% [2] Development Trends - The North American customer base is entering an innovation cycle, which is expected to benefit Huankyu's communications and consumer electronics businesses [3] - The upcoming Apple product launch on September 10, 2025, is anticipated to drive demand for iPhone 17 and other wearable products, potentially increasing Huankyu's revenue and profit [3] - Huankyu has entered the North American AI glasses market and plans to supply higher-integrated SiP products next year, which could significantly boost revenue and profit [3] - The company is also focusing on server PDU modules, aiming for synergy with its parent company to meet downstream customer needs, indicating promising growth prospects [3] Earnings Forecast and Valuation - The company maintains its EPS estimates for 2025 and 2026 at 0.92 and 0.99 yuan, respectively, with current stock prices corresponding to P/E ratios of 20.5 and 19.1 times [4] - The target price has been raised by 21% to 23.0 yuan, reflecting an upward shift in valuation due to developments in AI glasses and server sectors, indicating a potential 22% upside from current levels [4]