环旭电子(601231) 公司研究/公司点评 AI 眼镜 SiP 模组放量可期，算力硬件打开成长空间 ——环旭电子首次覆盖报告 ◼ 核心观点 一、背靠日月光投控，深耕电子设计制造，25Q3 业绩环比快速增长。 （1）主营业务：据公司公告，公司是全球电子制造设计领先厂商，通 过为品牌客户提供更有附加值的设计制造及相关服务，参与产品的应 用型解决方案，提升产品制造及整体服务的附加值。公司未来将更加 注重在解决方案、设计及服务环节的能力，为客户创造核心价值，与 各行业领域的优质客户建立长期稳定的合作关系，从制造服务商逐步 发展成为系统方案解决商及综合服务商。（2）股东关系：据公司 2025 年半年报，公司最终控制方为日月光投资控股股份有限公司。据 Wind， 截至 2025 年三季度末，环诚科技有限公司、日月光半导体（上海）有 限公司系关联方或一致行动人，合计持有公司 77.32%股份。据 Wind、 日月光公司官网，环旭电子公布的实际控制人为张虔生、张洪本，二 人即日月光公司创始人，张虔生系日月光现任董事长。（3）25Q3 业绩 环比改善。据 Wind，公司 2025 年前三季度营业收入为 436.41 亿元， ...

Summary of the Conference Call for Huanxu Electronics Company Overview - **Company**: Huanxu Electronics (环旭电子) - **Industry**: Electronic Components and Equipment - **Market Capitalization**: Rmb 43.0 billion / US$ 6.03 billion - **Stock Price (as of October 14, 2025)**: Rmb 19.59 - **12-Month Target Price**: Rmb 25.40 (up from Rmb 19.50) [4][29] Key Points and Arguments Earnings Forecast Adjustments - **EPS Predictions**: Adjusted for 2025-2027 by 2%/5%/6% respectively, reflecting increased optimism in revenue growth [1][15] - **Target PE Ratio**: Increased to 24x from 20x, aligning with historical averages during high growth periods [1][29] Cloud Computing Business - **Market Share**: Estimated to be a major supplier of smart network card PCBA for a large North American cloud computing company, with a projected market share of approximately 10% in 2025 [2][16] - **Revenue Growth**: Expected to see an upward revision of 4-9% for 2026-2027, translating to a net increase of US$ 200-300 million [2][16] AI Glasses Demand - **Consumer Electronics Growth**: Anticipated growth in the SiP (System in Package) business driven by demand for AI glasses, particularly from major brands like Meta [3][17] - **Revenue Adjustments**: Revenue for the consumer electronics segment is expected to increase by 4-5% for 2026-2027 [3][17] Long-term Outlook - **Revenue CAGR**: Projected compound annual growth rate (CAGR) of 12% for 2025-2027, driven by: - Moderate growth in communication SiP business - 22% growth in cloud storage business due to North American demand - 14% growth in consumer electronics driven by AI glasses [9][16] Profitability and Margin Expectations - **Gross Margin Improvement**: Expected to increase by 0.5 and 0.1 percentage points in 2026 and 2027 respectively, due to improved product mix and capacity utilization [10] Additional Important Insights - **Investment in AI Infrastructure**: The company is expanding its AI business capacity, with plans to increase monthly production of AI acceleration cards to 90,000 units by Q4 and further to 135,000 units by 2026 [20] - **Market Sentiment**: Positive feedback from major cloud service providers regarding capital expenditures, indicating a strong outlook for cloud-related business [20] - **Consumer Electronics Demand**: Strong demand for AI smart glasses, with Meta reporting high sales and positive consumer response [21] Financial Data Highlights - **Revenue Projections**: - 2025E: Rmb 60.915 billion - 2026E: Rmb 68.998 billion - 2027E: Rmb 76.226 billion [31] - **Net Profit Projections**: - 2025E: Rmb 1.590 billion - 2026E: Rmb 2.357 billion - 2027E: Rmb 2.810 billion [31] Conclusion Huanxu Electronics is positioned for significant growth driven by advancements in cloud computing and consumer electronics, particularly in AI applications. The upward revisions in earnings forecasts and target price reflect a strong market outlook and the company's strategic initiatives to capitalize on emerging trends in technology.

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]