Core Viewpoint - The company reported its 2025 H1 financial results, showing a revenue increase but a significant decline in net profit compared to the previous year [1][2]. Financial Performance - In Q2 2025, the company achieved revenue of 1.936 billion yuan, representing a year-on-year increase of 22.30% [1]. - The net profit attributable to shareholders was 27 million yuan, reflecting a year-on-year decrease of 52.17% [1]. - The automotive business showed steady growth, with revenue from new energy vehicles at 1.937 billion yuan (54.24% of total revenue), up 2.78% year-on-year, and fuel vehicles at 618 million yuan (17.30% of total revenue), up 15.11% year-on-year [2]. - The energy storage equipment business generated revenue of 586 million yuan (16.41% of total revenue), with a year-on-year growth of 9.40% [2]. Profitability and Margins - The gross margins for the three main business segments were reported as follows: new energy vehicles at 10.53% (down 4.39 percentage points), fuel vehicles at 10.01% (down 0.75 percentage points), and energy storage equipment at 16.83% (up 3.55 percentage points) [2]. - In Q2 2025, the net profit was 28 million yuan, down 50.23% year-on-year and 67.55% quarter-on-quarter, with a net profit margin of 1.46% [3]. Research and Development - The company is increasing its R&D investment, with R&D expenses in Q2 2025 amounting to 100 million yuan, a year-on-year increase of 12.32% and a quarter-on-quarter increase of 57.95% [3]. - The R&D expense ratio was 5.16%, showing a slight decrease year-on-year [3]. Future Outlook - The company forecasts revenues of 8.002 billion yuan, 9.668 billion yuan, and 11.635 billion yuan for 2025, 2026, and 2027, respectively, with net profits of 460 million yuan, 625 million yuan, and 780 million yuan [3]. - Earnings per share (EPS) are projected to be 1.73 yuan, 2.36 yuan, and 2.94 yuan for the same years, with price-to-earnings (PE) ratios of 26, 19, and 15 [3].
祥鑫科技(002965):通信设备收入同比大增 机器人研发投入持续加码