证券代码：002815 证券简称：崇达技术 编号：2025-010 崇达技术股份有限公司 投资者关系活动记录表 投资者关系活 动类别 ☑ 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他 （线上业绩交流会） 参与单位名称 富邦投信、野村投信、富蘭克林、國泰世華、復華投信、統一證券 （注：接待过程中，公司接待人员与投资者进行了充分的交流与沟通，严格按照有关制 度规定，没有出现未公开重大信息泄露等情况。） 时间 2025 年 9 月 16 日 地点 深圳市光明区凤凰街道东坑社区科能路（南延伸段）808 号崇达大厦 上市公司接待 人员姓名 董事、副总经理、董事会秘书：余忠 证券事务代表 朱琼华 投资者关系活 动主要内容介 绍 一、公司主要经营情况说明： 1、关于收入：2025 年上半年，公司实现收入 35.33 亿元，同比增长 20.73%，整体 保持着良好的增长态势。 2、关于净利润： 2025 年上半年，公司实现归母净利润 2.22 亿元，同比下滑 6.19%。这一业绩变动主 要源于销售毛利率的同比下降。 2025 年上半年公司销售毛利率为 21. ...

Core Viewpoint - The company reported strong financial performance in the first half of 2025, driven by increased demand in the AI sector and effective operational management strategies [2][3] Financial Performance - In the first half of 2025, the company achieved revenue of 10.453 billion yuan, representing a year-on-year growth of 25.63% [2][3] - The net profit attributable to shareholders was 1.360 billion yuan, reflecting a year-on-year increase of 37.75% [2][3] - Overall gross margin and net margin for the first half of 2025 were 26.28% (up 0.08 percentage points YoY) and 13.02% (up 1.16 percentage points YoY) respectively [2] Business Segments - **PCB Business**: Generated revenue of 6.274 billion yuan, a year-on-year increase of 29.21%, accounting for 60.02% of total revenue; gross margin was 34.42%, up 3.05 percentage points YoY [2] - **IC Substrate Business**: Revenue reached 1.740 billion yuan, a growth of 9.03%, making up 16.64% of total revenue; gross margin was 15.15%, down 10.31 percentage points YoY [2] - **Electronic Assembly Business**: Achieved revenue of 1.478 billion yuan, a year-on-year increase of 22.06%, representing 14.14% of total revenue; gross margin was 14.98%, up 0.34 percentage points YoY [2] Cost Management - The company maintained effective cost control with sales expense ratio at 1.64% (YoY stable), management expense ratio at 4.27% (up 0.53 percentage points YoY), R&D expense ratio at 6.43% (down 1.25 percentage points YoY), and financial expense ratio at 0.2% (up 0.3 percentage points YoY) [2] Market Trends - The company benefited from the accelerated construction of computing power infrastructure and the release of demand for AI acceleration cards, which significantly boosted orders in the PCB business [2] - The domestic and international major cloud service providers continued to increase capital expenditures, particularly in AI computing power investments, driving demand for AI servers and related products [2] Investment Outlook - The company is expected to see a slight upward adjustment in profit forecasts, with projected net profits for 2025-2027 at 2.856 billion yuan, 3.815 billion yuan, and 4.762 billion yuan respectively, corresponding to P/E ratios of 40, 30, and 24 times [3] - The company is positioned to benefit from the domestic substitution in the semiconductor substrate market, maintaining a "recommended" rating based on current valuations [3]