Core Viewpoint - The company, Lingdian Electric Control, reported significant growth in its half-year performance, driven by increased sales revenue and improved R&D efficiency, positioning itself strongly in the automotive power electronics control system market [1][2]. Financial Performance - For the first half of 2025, the company achieved an operating revenue of approximately 632 million yuan, representing a year-on-year increase of 17.78% [1]. - The net profit attributable to shareholders reached 43.02 million yuan, a substantial increase of 481.88% year-on-year [1]. - The net profit after deducting non-recurring items was 36.82 million yuan, showing a remarkable growth of 959.57% compared to the previous year [1]. - R&D investment during the reporting period amounted to 69.15 million yuan, accounting for 10.95% of operating revenue [1]. Business Strategy and Market Position - Lingdian Electric Control focuses on the development of automotive engine management systems, electric vehicle power electronics control systems, hybrid vehicle power electronics control systems, and intelligent connected products [1]. - The company has established a presence in the EMS market, with its products being used by major clients such as Li Auto, Leap Motor, and JAC, and is actively expanding into overseas markets [2]. - The company aims to leverage its customer advantages in the EMS field to expand the application of electrification products, particularly in hybrid models [2]. Recent Developments - The company's stock price has increased by over 60% this year, with a closing price of 66.7 yuan and a market capitalization of 3.5 billion yuan as of August 15 [3]. - Lingdian Electric Control announced plans to acquire 98.426% of Aoyikes for a transaction price of 478 million yuan, aiming to enhance its market position and promote domestic substitution of EMS products [3].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 日前，科创板上市公司菱电电控（维权）宣布以4.78亿元收购江苏奥易克斯汽车电子科技股份有限公司 （以下称"奥易克斯"）98.426%股份。 对于净利润已连续四年下滑、2024年净利仅1594.62万元的菱电电控而言，这笔交易被视为扭转业绩 的"最后一搏"。然而，53.97%的溢价收购一家同样面临新能源转型困境的企业，背后隐藏着业绩承诺难 以兑现、商誉减值、市场份额低下等重重风险。 2021年3月登陆科创板时，菱电电控带着"国产汽车电控系统替代者"的光环，当年实现归母净利润1.38 亿元。但上市即巅峰，此后公司业绩迅速变脸。 盈利能力滑坡更为触目惊心，毛利率从2022年的35.83%降至2024年的19.37%，净利率更是从9.41%断崖 式下滑至1.33%。 尽管菱电电控2025年一季度归母净利润同比暴增4521.16%至1748万元，但扣非净利润仅1466万元，高 度依赖政府补助及投资收益。 "增收不增利"成为公司近年来的真实写照。2024年营收达11.96亿元，同比增长18.57%，但净利润降幅 却持续扩大。 被收购方奥易克斯成立于 ...