Workflow
艾比森(300389):业绩表现亮眼 国内业务优化调整成效显著

Core Viewpoint - The company reported its 2025 H1 financial results, showing a slight revenue increase and significant growth in net profit, indicating a positive performance trend despite challenges in overseas markets [1][2]. Financial Performance - In 2025 H1, the company achieved revenue of 1.819 billion yuan, a year-on-year increase of 1.15%, and a net profit attributable to shareholders of 116 million yuan, up 30.84% year-on-year. The net profit excluding non-recurring items was 107 million yuan, reflecting a substantial increase of 90.64% year-on-year [1][2]. - For Q2 2025, the company reported revenue of 993 million yuan, a year-on-year increase of 6.35% and a quarter-on-quarter increase of 20.25%. The net profit attributable to shareholders was 80 million yuan, up 348.03% year-on-year and 118.95% quarter-on-quarter. The net profit excluding non-recurring items was 68 million yuan, showing a remarkable increase of 975.86% year-on-year and 71.50% quarter-on-quarter [2]. Profitability Metrics - The gross margin for 2025 H1 was 31.22%, an increase of 3.31 percentage points year-on-year. In Q2 2025, the gross margin was 31.57%, reflecting a year-on-year increase of 5.96 percentage points and a quarter-on-quarter increase of 0.76 percentage points [3]. - The operating expense ratio for 2025 H1 was 24.25%, a decrease of 0.89 percentage points year-on-year. The breakdown of expenses showed sales, management, R&D, and financial expense ratios of 14.28%, 6.17%, 4.47%, and -0.66%, respectively [4]. Global Strategy and Competitive Edge - The company has established a channel network of approximately 6,000 partners across over 140 countries and regions, utilizing a tiered management model to effectively respond to global market demands [5]. - The service system includes 40 service centers worldwide and over 800 professional service partners, providing 24/7 technical support. The company has also launched the ACE engineer training program, with over 4,500 certified engineers globally [5]. Investment Outlook - Based on the 2025 H1 report, the company has adjusted its revenue forecasts for 2025-2027 to 4.028 billion, 4.682 billion, and 5.454 billion yuan, reflecting year-on-year growth rates of 10.0%, 16.2%, and 16.5%. The projected net profits for the same period are 266 million, 357 million, and 476 million yuan, with year-on-year growth rates of 127.2%, 34.3%, and 33.3% [6]. - The expected EPS for 2025-2027 is 0.72, 0.97, and 1.29 yuan, with corresponding PE ratios of 17.02x, 12.67x, and 9.51x based on the stock price of 12.25 yuan on August 27, 2025 [6].