怡合达（301029.SZ） 锂电、汽车增速亮眼，毛利率进一步恢复 中游制造/机械 2025H1 业绩：收入 14.61 亿元，同比+18.68%，归母净利润 2.82 亿元，同比 +26.49%，扣非归母净利润为 2.76 亿元，同比+25.45%。 2025Q2 业绩：收入 8.41 亿元，同比+21.79%，环比+35.65%；归母净利润 1.6 亿元，同比+26.5%，环比+31.3%；扣非归母净利润 1.54 亿元，同比+23.64%， 环比+25.67%。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 2881 | 2504 | 2898 | 3502 | 3853 | | 同比增长 | 15% | -13% | 16% | 21% | 10% | | 营业利润(百万元) | 618 | 455 | 584 | 708 | 825 | | 同比增长 | 7% | -26% | 28% | 21% | 16% | | 归母净利润(百 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company has achieved significant growth in its integrated platform, with both active and passive R&D efforts progressing simultaneously [2] - In the first half of 2025, the company's revenue from optical chips and devices reached 699.99 million yuan, a year-on-year increase of 190.92% [4] - The company is expected to benefit from the growing demand for AI computing power, with products like FA, CW light sources, MT connectors, and EML lasers driving further growth [4][17] Summary by Sections Financial Performance - In the first half of 2025, the company reported total operating revenue of 993 million yuan, a year-on-year increase of 121.12%, and a total profit of 226 million yuan, up 1352.13% [13] - The net profit attributable to the parent company reached 217 million yuan, reflecting a year-on-year growth of 1712.00% [13] Business Development - The company has established a complete optical module industry chain through the synergy of "passive + active" optical chips and devices, with significant revenue contributions from AWG and optical fiber connector jumpers [14] - The company announced plans to acquire 82.38% of Fokexima's equity, which is expected to enhance the stability of MT connector supply and improve the product system [16] R&D Achievements - The company has made notable breakthroughs in silicon photonics, 1.6T, and CPO scenarios, with small batch shipments of various products [15] - The development of CWDM4 100G EML lasers and other related products has been successfully completed [15] Earnings Forecast - The company is projected to achieve operating revenues of 2.206 billion yuan, 3.247 billion yuan, and 4.061 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 105.32%, 47.16%, and 25.07% [17][18] - The net profit attributable to the parent company is expected to reach 477 million yuan, 705 million yuan, and 939 million yuan for the same years, with growth rates of 635.00%, 47.68%, and 33.17% [17][18]