东微半导(688261):2Q25单季度营收创新高,服务器相关产品加速放量

<p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp; &nbsp; #核心观点：1、公司2Q25单季度营收创历史新高，达3.33亿元，同比增长35.11%，环比增长17.7%；归母净利润0.2亿元，同比增长56.36%，环比增长153.35%；毛利率18.03%，同比提升3.20个百分点，环比提升4.41个百分点。2、1H25实现营收6.16亿元，同比增长46.8%；归母净利润0.28亿元，同比增长62.8%。3、产品结构优化，车规级、工业级应用收入占比超84%，其中车载充电机收入占比约22%，同比增长74%；工业及通信电源领域收入占比约39%，同比增长90%；光伏领域收入占比约7%，同比增长98%。4、服务器电源、通信电源和基站电源中超结MOSFET加速增长，超级结MOSFET塑封模块在液冷式算力服务器电源领域取得量产突破，客户覆盖国内头部服务器电源厂商。5、1H25高压超结MOS营收4.69亿元，同比增长40.36%；中低压屏蔽栅MOSFET营收1.18亿元，同比增长62.14%；TGBT营收2066.61万元，同比增长88.62%；新增功率模块产品营收610.96万元。6、研发人员人数同比增长20%，第四代SiC MOSFET平台完成研发进入小批量试产和终端验证阶段；功率模块领域布局超级结MOSFET、TGBT以及SiC MOSFET产品线平台；SiC MOSFET塑封模块在主驱电控领域得到头部Tier1的A样定点。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;#盈利预测与评级：预计公司2025-2027年归母净利润分别为1.22亿元、1.98亿元、2.75亿元，对应市盈率分别为89倍、56倍、40倍，维持“优于大市”评级。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;#风险提示：AI服务器需求不及预期，新产品上量不及预期等。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;本报告摘要不保证其100%准确性，如有疑问，请阅读正文文件。</p><p><br/></p>