英恒科技1H25 GPM pressure remained;Trim TP to H

招银国际2025-08-28

一、公司业绩表现与市场压力Intron Tech(1760HK)在2025财年上半年(1H25)的收入同比增长5%，基本符合预期，但净利润同比下滑49%，主要受到下游客户定价压力的影响。毛利率从1H24的16.9%下降至13.5%，反映出中国汽车供应链竞争加剧对上游供应商带来的压力。尽管如此，部分业务板块仍表现出色，例如安全系统、云计算和动力总成分别实现了27%、135%和15%的同比增长。二、...

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