ZTBH(SZ:000957) Xin Lang Cai Jing·2025-07-13 00:30Core Viewpoint - The company expects significant growth in net profit for the first half of 2025, driven by strong export performance and an improved sales structure in the domestic market [1][2]. Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of 170-210 million yuan for the first half of 2025, representing a year-on-year increase of 48.7%-89.3% [1]. - For Q2 2025, the estimated net profit is 110 million yuan, showing a year-on-year increase of 61.9% and a quarter-on-quarter increase of 45.1% [1]. - The company achieved a total net profit of 190 million yuan in the first half of 2025, reflecting a year-on-year growth of 69.0% [1]. Group 2: Sales and Market Performance - The company sold 5,839 buses in the first half of 2025, a year-on-year increase of 2.4%, with Q2 sales reaching 3,073 units, a year-on-year decrease of 3.6% but a quarter-on-quarter increase of 11.1% [1]. - The growth in performance is primarily attributed to a surge in export sales, particularly in the tourism group bus market, which has gained market share despite domestic challenges [1]. Group 3: Export and New Energy Vehicles - The company completed an order of 895 electric buses for Santiago, Chile, significantly boosting export figures, with over 1,200 new energy vehicles exported in the first half of 2025 [2]. - The export of new energy vehicles accounted for over 20% of total exports, with Q2 2025 seeing over 870 new energy vehicles exported, further increasing the proportion to over 28% [2]. - The average export price of new energy buses from Shandong province to South America rose to 1.338 million yuan [2]. Group 4: Future Outlook - The company is expected to see continued growth in overseas orders, particularly in the new energy vehicle segment, which is anticipated to enhance profitability [2]. - The company has successfully entered high-end markets in Portugal, Singapore, UAE, Denmark, and Bulgaria, indicating a steady global expansion [2]. Group 5: Profit Forecast - The projected total revenue for the company from 2025 to 2027 is 7.18 billion yuan, 7.92 billion yuan, and 8.50 billion yuan, respectively, with net profits expected to be 450 million yuan, 550 million yuan, and 620 million yuan [3].