山西证券：给予北特科技增持评级

Core Viewpoint - North Special Technology (北特科技) has shown robust performance in its 2025 H1 results, with a revenue increase of 14.71% year-on-year, driven by steady growth across its three main business segments, particularly in the air conditioning compressor sector [2][3]. Financial Performance - In 2025 H1, the company achieved a revenue of 1.113 billion yuan, up 14.71% year-on-year, and a net profit attributable to shareholders of 55 million yuan, reflecting a 45.14% increase [2]. - For Q2 2025, revenue reached 571 million yuan, marking an 18.77% year-on-year growth, with a net profit of 32 million yuan, up 48.83% [2]. - The chassis business generated 714 million yuan in revenue, a 25.0% increase, while the air conditioning compressor business saw revenue of 306 million yuan, up 42.13% [2]. Cost Management and Profitability - The company reported a decrease in expense ratios, with H1 and Q2 expense ratios at 12.44% and 12.45%, respectively, down 2.46 percentage points and 2.55 percentage points year-on-year [2]. - Gross margins for H1 and Q2 were 19.12% and 20.03%, with slight year-on-year changes of -0.08 percentage points and +0.66 percentage points [2]. Strategic Developments - The company is expanding its planetary roller screw production capacity, which is expected to contribute to a second growth curve [2]. - Ongoing construction of the Jiangsu Kunshan factory and a production base in Thailand is aimed at supporting the development of the screw business and extending the existing industrial chain [2]. Investment Outlook - The company is projected to achieve net profit growth rates of 57.6%, 39.2%, and 69.4% for 2025, 2026, and 2027, respectively, with key indicators such as gross and net profit margins expected to improve steadily [3]. - The company maintains a strong position in the automotive chassis components sector and is expanding into aluminum lightweight products and planetary roller screw products, indicating potential for sustained growth [3].