Henghe Mould(SZ:300539) Xin Lang Cai Jing·2025-09-02 08:47Core Viewpoint - The company reported significant growth in its financial performance for the first half of 2025, driven by the automotive sector's trends towards intelligence and lightweighting [1][2]. Financial Performance - In H1 2025, the company achieved a net profit attributable to shareholders of 27.02 million yuan, a year-on-year increase of 79.04%, with total revenue reaching 456 million yuan, up 34.15% [1]. - For Q2 2025, the company reported a net profit of 15.84 million yuan, reflecting a 127.20% year-on-year growth, with revenue of 253 million yuan, an increase of 45.76% [1]. - The gross profit margin for H1 2025 was 19.58%, a decrease of 0.53 percentage points year-on-year, while the net profit margin improved to 6.07%, an increase of 1.70 percentage points [2]. Business Segments - The smart home appliance precision components segment generated 251 million yuan (55.02% of total revenue), growing by 23.95% year-on-year [1]. - The intelligent cockpit precision components segment contributed 46.74 million yuan (10.25% of total revenue), with a year-on-year growth of 35.71% [1]. - The lightweight automotive interior and exterior parts segment saw revenue of 97.41 million yuan (21.36% of total revenue), marking a substantial year-on-year increase of 124.00% [1]. Industry Trends - The intelligent cockpit industry is expected to grow rapidly, with the global market projected to reach 429.6 billion yuan and China's market at 156.4 billion yuan by 2025, representing year-on-year growth rates of 17% and 21%, respectively [3]. - The lightweight automotive sector is also expanding, with the use of modified plastics increasing in both interior and exterior components, leading to weight reductions of 20%-30% for products like full plastic tailgates compared to traditional steel ones [3]. Strategic Partnerships - The company has established strong partnerships in the automotive sector with major players such as Huawei, SAIC, and BYD, enhancing its market position in intelligent cockpit and lightweight components [3][4]. - The company has also entered the low-altitude economy by acquiring a 30% stake in Ningbo Lion King Technology, which focuses on the manufacturing and sales of intelligent unmanned aerial vehicles [4]. Profit Forecast and Valuation - The projected net profit for 2025-2027 is estimated at 64 million, 89 million, and 128 million yuan, respectively, with a compound annual growth rate (CAGR) of 41% [5].