Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a revenue of 930 million yuan for the first half of 2025, representing a year-over-year increase of 6.44%, and a net profit attributable to shareholders of 235 million yuan, up 8.03% year-over-year [6] - The SGT MOS product revenue share increased to 45.21%, indicating strong market competitiveness and a broad application in strategic fields such as automotive electronics and AI [6] - Emerging markets such as automotive electronics, AI servers, and robotics are showing robust growth, contributing to a positive revenue outlook [6][7] Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 481 million yuan, down 4.21% year-over-year but up 7.04% quarter-over-quarter, with a net profit of 127 million yuan, reflecting a year-over-year increase of 7.88% and a quarter-over-quarter increase of 17.16% [6] - The comprehensive gross margin for the first half of 2025 was 35.80%, a slight increase of 0.02 percentage points year-over-year [6] Product Development - The SGT MOS product platform, which has the highest sales base and customer diversity, has successfully launched its third-generation products across various applications [6] - The company is expanding its product offerings in automotive electronics, AI computing, and robotics, with significant sales growth in these sectors [6] Market Outlook - The company expects continued revenue growth, with projected revenues of 2.19 billion yuan, 2.60 billion yuan, and 3.08 billion yuan for 2025, 2026, and 2027 respectively [7] - The projected net profits for the same years are 557 million yuan, 673 million yuan, and 804 million yuan, indicating a strong growth trajectory [7]

2025 年 08 月 21 日 新洁能(605111.SH) 下游景气度回暖，产品结构持续调优 事件： 公司发布 2025 年半年度业绩报告，上半年营业收入 9.3 亿元，同比 增长 6.44%，归母净利润 2.35 亿元，比上年同期增长 8.03%。 下游景气度回暖，业绩经营稳健： 新能源汽车及充电桩领域，中报披露，2025 年 1-6 月，汽车产销分 别完成 1,562.1 万辆和 1,565.3 万辆，同比分别增长 12.5%和 11.4%。 其中，新能源汽车产销分别完成 696.8 万辆和 693.7 万辆，同比分别 增长 41.4%和 40.3%。汽车出口方面，2025 年 1-6 月，汽车整车出口 308.3 万辆，同比增长 10.4%，新能源汽车出口 106 万辆，同比增长 75.2%。预计至 2025 年末，我国汽车市场将继续呈现稳中向好发展态 势；AI 领域，功率半导体在服务器电源供电、CPU/GPU 主板供电等 领域获得广发应用；工控领域，无人机、智能机器人、电动工具等细 分领域迎来高速增长；光伏储能领域，行业破内卷，库存改善、市场 回暖。整体而言，行业下游景气度回暖，公司上半年营业收入 ...