经纬恒润(688326)：25Q2扭亏为盈 ROBOX业务即将推出

Core Viewpoint - The company reported significant revenue growth in the first half of 2025, driven by the rapid expansion of its electronic products business, particularly domain controllers, while achieving profitability in Q2 2025 after previous losses [1][2]. Financial Performance - In H1 2025, the company generated revenue of 2.908 billion yuan, a year-on-year increase of 43.48%, but reported a net loss attributable to shareholders of 87 million yuan [1]. - Q2 2025 revenue reached 1.580 billion yuan, reflecting a year-on-year growth of 38.90% and a quarter-on-quarter increase of 18.98% [2]. - The company achieved a net profit of 33 million yuan in Q2 2025, with a non-recurring net profit of 19 million yuan, marking a turnaround to profitability [2]. - Q2 2025 gross margin was 24.64%, up 3.73 percentage points year-on-year and 3.25 percentage points quarter-on-quarter [2]. - The net profit margin for Q2 2025 was 2.09%, an increase of 14.54 percentage points year-on-year and 11.12 percentage points quarter-on-quarter [2]. Business Development - The company has made significant advancements in domain integration technology, with 1 million physical domain controllers produced and strategic partnerships established for smart driving domain controllers [3]. - New product launches are expected in the second half of the year, including RoboTruck and RoboBus services, enhancing the company's offerings in intelligent transportation solutions [3]. International Expansion - The company is actively expanding its international market presence, securing multiple OEM/Tier1 product contracts with notable clients such as Stellantis and Scania [4]. - Four production bases have been established in China and Malaysia, along with a comprehensive integrated supply chain system, supporting the company's global strategy [4]. - The Tianjin factory successfully passed supplier audits from international automotive manufacturers, demonstrating the company's strong global operational capabilities [4]. Investment Outlook - The company is one of the few in China capable of providing comprehensive solutions for intelligent driving electronic products and services [4]. - Revenue projections for 2025-2027 are 7.324 billion, 9.043 billion, and 10.748 billion yuan, with net profits of 88 million, 370 million, and 928 million yuan respectively [4]. - The expected earnings per share (EPS) for the same period are 0.73, 3.08, and 7.74 yuan, with corresponding price-to-earnings (PE) ratios of 160, 38, and 15 times [4].