ZTBH(SZ:000957) Xin Lang Cai Jing·2025-08-27 06:36Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant year-on-year growth in revenue and net profit, driven by increased exports, particularly in the new energy vehicle segment [1][2]. Financial Performance - For H1 2025, the company achieved revenue of 3.94 billion yuan, a year-on-year increase of 43.0%, and a net profit attributable to shareholders of 190 million yuan, up 71.6% [1]. - In Q2 2025, revenue reached 2.25 billion yuan, reflecting a year-on-year growth of 52.5% and a quarter-on-quarter increase of 32.7% [1]. - The net profit for Q2 was 110 million yuan, showing a year-on-year increase of 66.1% and a quarter-on-quarter growth of 48.8% [1]. Sales and Export Performance - In Q2 2025, the company sold 3,073 buses, a year-on-year decline of 3.6% but a quarter-on-quarter increase of 11.1% [1]. - Export sales exceeded 1,900 units, marking a year-on-year growth of 5.0% and a quarter-on-quarter increase of 15.4%, accounting for 62.0% of total sales [1]. - New energy vehicle exports surpassed 870 units, with a significant year-on-year increase and a quarter-on-quarter growth of 134.0%, representing 45.8% of export sales [1]. Profitability and Cost Management - The overall gross margin for H1 2025 was 15.4%, remaining stable year-on-year [2]. - In Q2 2025, the gross margin improved to 15.6%, up 0.5 percentage points quarter-on-quarter, with a gross profit margin of 11.5% [2]. - The company maintained effective cost control, with sales, management, R&D, and financial expense ratios at 4.1%, 1.2%, 3.1%, and -0.7%, respectively [2]. Strategic Initiatives - The company is in a period of intensive delivery for overseas orders, including contracts in West Africa, Uzbekistan, and the Bahamas, indicating a growing international market presence [2]. - A share buyback plan of 100 to 200 million yuan was announced, with 6.521 million shares repurchased by July 31, 2025, representing 1.1% of total shares [2]. Profit Forecast - Revenue projections for 2025-2027 are 7.5 billion, 8.77 billion, and 9.91 billion yuan, with net profits of 400 million, 520 million, and 630 million yuan, respectively [3].