威迈斯(688612)：25Q2盈利能力改善 全球化战略持续推进

Core Insights - The company reported a revenue of 2.96 billion yuan for the first half of 2025, representing a year-on-year increase of 6.82%, and a net profit attributable to shareholders of 272 million yuan, up 26.18% year-on-year [1] - The second quarter of 2025 saw a revenue of 1.607 billion yuan, with a quarter-on-quarter increase of 14.45% and a year-on-year increase of 18.70% [1] - The company has optimized its product structure, leading to improved profitability, with gross and net profit margins of 20.68% and 9.22% respectively for the first half of 2025 [1] Financial Performance - In the first half of 2025, the company achieved a gross profit margin of 20.68% and a net profit margin of 9.22%, reflecting an increase of 0.05 percentage points and 1.25 percentage points year-on-year [1] - The second quarter of 2025 recorded a gross profit margin of 23.04% and a net profit margin of 10.68%, with year-on-year increases of 1.11 percentage points and 3.19 percentage points [1] - Research and development expenses accounted for 6.83% of revenue in the first half of 2025, an increase of 0.38 percentage points year-on-year, indicating a continuous rise in R&D investment intensity [1] Product Development and Market Position - The company has secured multiple projects for its 800V vehicle power supply products, with clients including XPeng Motors, Changan Automobile, and Li Auto, among others [2] - The 800V vehicle power supply products have already achieved mass production and delivery for several models, including the XPeng G9 and Li Auto MEGA [2] - The company is advancing its Thailand production base project and is actively expanding its global strategy by engaging with various overseas automotive manufacturers [2] Growth Outlook - The company is positioned as a leader in the domestic vehicle power supply sector, with significant growth potential as the penetration rate of 800V vehicle power supply products increases and overseas projects expand [2] - Revenue projections for 2025-2027 are estimated at 7.503 billion yuan, 8.865 billion yuan, and 10.518 billion yuan respectively, with net profits expected to be 605 million yuan, 755 million yuan, and 888 million yuan [2]