快克智能 20250903 摘要 快克智能 AI 服务器业务受益于高速连接器、液冷电磁泵和 PCB 需求增 长，与莫氏、安费诺、飞龙等客户合作，为华为和英伟达提供服务器用 泵，并拓展 PCBA 业务，未来两年预计进入爆发期。 光模块业务 AOI 进展顺利，已进入头部企业并批量出货，并与易中天初 步合作，未来重点发力固晶机和贴片机，毛利率维持在 50%以上。 半导体领域，高速高精固晶机获成都 APS 近百台大单，实现国产替代； 碳化硅银烧结设备获汇川、比亚迪、中车博士等大单，国内市场份额领 先。 消费电子领域，苹果业务虽不佳，但安卓业务表现出色，智能眼镜业务 成重要增长点，Meta 项目获数千万焊接和检测订单，并进入小米、字 节、OV 等供应链。 PCB 激光分板市场潜力巨大，已获数千万订单，下游客户包括工业富联 和立讯，预计未来两年增速快，但非公司主要发展方向。 分立器件赛道被低估，但潜力巨大，二三极管用量随汽车智能化大幅增 加，公司固晶机已进入安世半导体、杨杰、长晶普联以及 TI 等客户体系。 AOI 设备业务快速发展，覆盖消费电子、汽车电子、光模块和半导体等 领域，2025 年目标 2 亿元，未来增长点包 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown strong performance in the new energy sector, with a diversified business layout supporting long-term development [1] - In H1 2025, the company achieved total operating revenue of 1.876 billion yuan, a year-on-year increase of 2.34%, and a net profit attributable to the parent company of 163 million yuan, a year-on-year increase of 69.69% [3][5] - The consumer electronics business accounted for 62.75% of total revenue, while the new energy sector saw a 30.3% year-on-year growth, contributing 30.35% to total revenue [5] Summary by Sections Financial Performance - In H1 2025, the company reported a comprehensive gross margin of 32.64% and a net profit margin of 8.21% [5] - The sales gross margin for Q2 was 33.12%, down 5.59 percentage points year-on-year, while the net profit margin increased by 6.05 percentage points to 16.63% [5] - The company’s operating expenses as a percentage of revenue were 9.14% for sales, 5.9% for management, 12.55% for R&D, and 1.58% for financial expenses [5] Business Segments - The consumer electronics segment is expected to grow rapidly due to Apple's upcoming product launches, including new iPhone models [5] - The new energy business is expanding with a focus on smart charging and battery swapping stations, having received orders for over 500 stations and delivered more than 300 [5][6] - The semiconductor segment has seen significant growth, with a year-on-year revenue increase of 314.4% in H1 2025, driven by high-precision equipment orders from leading global companies [6] Future Outlook - The company is projected to achieve net profits of 513 million yuan, 630 million yuan, and 757 million yuan for the years 2025, 2026, and 2027 respectively [9] - The current stock price corresponds to a price-to-earnings ratio (P/E) of 31.1x for 2025, 25.3x for 2026, and 21.1x for 2027 [9] - The diversified business structure, particularly in new energy and semiconductors, is expected to enhance the company's profitability as these segments mature [9]