开源证券：给予莱克电气买入评级

Core Viewpoint - Lek Electric's Q2 2025 performance fell short of expectations, prompting a downward revision of profit forecasts for 2025-2027, while maintaining a "buy" rating due to steady growth in OEM revenue and accelerated overseas capacity expansion [2][3]. Financial Performance - In H1 2025, Lek Electric achieved revenue of 4.78 billion yuan (+0.6% YoY) and a net profit of 430 million yuan (-29.0%), with Q2 revenue at 2.39 billion yuan (-1.8%) and net profit at 200 million yuan (-39.6%) [2][4]. - The company's gross margin decreased to 23.2% (-1.7 percentage points), with a net profit margin of 9.0% (-3.7 percentage points) [4]. Business Segments - Revenue from clean health appliances and gardening tools was 2.78 billion yuan (+3.4%), while revenue from motors and precision components for new energy vehicles decreased to 1.91 billion yuan (-2.4%) [3]. - The company developed six new automotive motor clients and secured over 400 million yuan in new business orders in H1 2025 [3]. Overseas Expansion - The Vietnam production base successfully launched its first product in May 2025, with an annual capacity of 2.5 million clean electric appliances and 1.8 million motors, aimed at transferring all exports to the U.S. [3]. - The Thailand production base is expected to be operational by Q3 2025, with projected annual sales of 100 million USD [3]. Profitability Challenges - The company faced pressure on profitability due to tariff impacts and weakened exchange gains, leading to a decline in net profit [4]. - Operating cash flow for H1 2025 was 420 million yuan, down 25.2% [4].