Group 1 - The company held an online investor relations event on September 19, 2025, to discuss key business developments [1] - The factory in Thailand is currently under renovation and is expected to be operational in Q1 2026 [1] - The Bay Area headquarters is anticipated to commence operations in Q4 2025, focusing on the production of various transformers and precision control equipment [1] Group 2 - The newly established subsidiary, Guangdong Weizhi Robot Manufacturing Co., Ltd., aims to enter the robotics sector, specializing in automated production of high-value magnetic components [1] - If fully operational, the new factories in the Bay Area and Thailand are projected to double the company's output [2] - The company's strategic expansion and business development plans are expected to attract market attention [2]

证券代码：301577 证券简称：美信科技 编号：2025-008 | | 特定对象调研 分析师会议 媒体采访 业绩说明会 | | --- | --- | | 投资者关系活动类别 | 新闻发布会 路演活动 | | | 现场参观 其他 | | 参与单位名称及人员姓名 | 参加 2025 年半年度网上集体接待日活动的投资者 | | 时间 | 年 月 日 2025 9 19 | | 地点 | 线上（全景路演） | | 上市公司接待人员姓名 | 董事会秘书 王丽娟 | | | 财务总监 刘满荣 | | | 交流主要内容如下： | | | 1、你好，请问公司东南亚建厂目前进度？ | | | 【回复】您好，感谢关注！公司在泰国设立的工厂目前在装 | | | 修阶段，预计 2026 年一季度投入使用。谢谢。 | | 投资者关系活动主要内容介绍 | | | | 2、问下公司大湾区厂区具体投入使用时间，主要生产哪些产 | | | 品？对公司业绩影响几何？ | | | 【回复】您好，感谢关注！公司湾区总部预计今年第四季度 | | | 投入使用，主要生产网络变压器、片式绕线电感、RF 射频变 | | | 压器、BM ...

Core Viewpoint - The company reported a slight revenue increase in the first half of 2025, driven by strong performance in signal products despite challenges in power magnetic components [1][2]. Group 1: Financial Performance - The company achieved a revenue of 205 million yuan, representing a year-on-year growth of 2.98% [1]. - Net profit attributable to shareholders was 10.51 million yuan [1]. - Revenue from signal magnetic components reached 148 million yuan, accounting for 72.05% of total revenue, with an 8.71% growth [1]. Group 2: Product Performance - Signal products, including network transformers and BMS transformers, continued to perform well in the 5G communication and automotive Ethernet sectors, maintaining a high gross margin [1][2]. - Revenue from power magnetic components decreased by 7.99% to 54.15 million yuan due to increased customization demands and pricing pressures from clients [1]. Group 3: Research and Development - The company focused on production automation and improving yield rates, with R&D expenses reaching an industry-leading level [2]. - The R&D team expanded to 18% of total employees, an increase of 3 percentage points from the end of 2024 [2]. - New patents were granted for Ethernet interface modules and electronic devices, with core product yield rates improving by 2.3 percentage points [2]. Group 4: Market Outlook - The global magnetic components market is projected to reach 28.6 billion USD by 2025, with significant growth in the electric vehicle and AI infrastructure sectors exceeding 20% [2]. - The company is adjusting its production capacity, positioning its Shenzhen subsidiary as a research center for automotive products and focusing its Shanghai branch on communication device customer service [2]. Group 5: Strategic Initiatives - The company aims to strengthen its position in signal products while accelerating breakthroughs in power products for emerging applications, such as the 800V high-voltage platform [3]. - Management anticipates a performance trend of lower results in the first half of the year followed by improvement in the second half, supported by seasonal demand and favorable new energy policies [3].

Investment Rating - The report maintains a "Buy" rating for the company, with expected growth in net profit for the years 2025 to 2027 being 30.48%, 28.61%, and 28.54% respectively [5]. Core Insights - The company reported a record high in revenue and net profit for Q1 2025, with revenue reaching 1.461 billion RMB, a year-on-year increase of 16.03% [3]. - The company is diversifying its business into emerging markets, particularly in automotive and data center sectors, which are expected to drive future growth [4]. - The gross margin for Q1 2025 was 36.56%, reflecting improvements in product mix and operational efficiency [3]. Performance Analysis - In Q1 2025, the company's revenue from signal processing, power management, automotive electronics, and other segments showed varied growth rates, with automotive electronics growing by 65.46% year-on-year [3]. - The automotive business is entering a phase of accelerated growth, with products like high-reliability transformers and inductors being adopted by major clients [4]. Financial Forecast - The projected revenue for 2025 is 7.271 billion RMB, with a growth rate of 23.30% [10]. - The expected net profit for 2025 is 1.086 billion RMB, indicating a significant increase from previous years [10]. - The company's price-to-earnings (P/E) ratio is projected to decrease from 20 in 2025 to 12 in 2027, suggesting a favorable valuation trend [5].