环旭电子(601231):非经常损益影响下25H1略承压,泛AI业务＆AI眼镜打开成长空间-2025年半年报快报点评

<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; line-height: 25.2px; text-wrap: wrap;">&nbsp; &nbsp; #核心观点：</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; line-height: 25.2px; text-wrap: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;1、环旭电子2025年H1实现营收272.14亿元（YoY-0.63%），归母净利润6.38亿元（YoY-18.66%），扣非归母净利润5.78亿元（YoY-3.93%）。</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; line-height: 25.2px; text-wrap: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;2、非经常性损益为0.60亿元，较2024年H1减少1.23亿元，主要受欧洲子公司企业重组费用及可转换债券计税利息差异调整影响。</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; line-height: 25.2px; text-wrap: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;3、SIP主业平稳，AI眼镜是未来增长重要驱动力，智能眼镜市场快速爆发，SiP轻薄化特点助力智能眼镜普及。</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; line-height: 25.2px; text-wrap: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;4、新业务布局包括板卡业务和光模块业务，预计25年AI加速卡业务将取得明显业绩增长，并推出新一代1.6T光模组产品。</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; line-height: 25.2px; text-wrap: 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; line-height: 25.2px; text-wrap: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;#盈利预测与评级：</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; line-height: 25.2px; text-wrap: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;预计公司25-27年实现归母净利润20.31/25.20/29.18亿元，给予2025年20倍PE，目标股价18.80元，维持“强推”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; line-height: 25.2px; text-wrap: 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; line-height: 25.2px; text-wrap: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;#风险提示：</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; line-height: 25.2px; text-wrap: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;下游需求不及预期、大客户业务拓展不及预期、行业竞争加剧</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; line-height: 25.2px; text-wrap: 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; line-height: 25.2px; text-wrap: 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>