IKD(SH:600933) Xin Lang Cai Jing·2025-09-05 10:35Core Viewpoint - The company reported better-than-expected performance in Q2 2025, with significant growth in revenue and net profit, indicating strong operational efficiency and market positioning [1] Financial Performance - In the first half of 2025, total revenue increased by 6.2% year-on-year to 3.45 billion yuan, achieving 45% of the initial forecast - Net profit attributable to shareholders rose by 27.4% year-on-year to 570 million yuan, reaching 53% of the initial forecast - Q2 2025 revenue grew by 11.0% year-on-year [1] Profitability Metrics - The gross margin for the first half of 2025 improved by 0.6 percentage points to 29.3% - Selling, general, and administrative (SG&A) expenses as a percentage of revenue decreased by 0.1 percentage points to 11.8% - In Q2 2025, the gross margin increased by 2.1 percentage points year-on-year and by 1.0 percentage point quarter-on-quarter to 29.7% [1] Global Expansion and Robotics Business - The company is steadily advancing its global manufacturing and supply chain network, with the second phase of the Mexican factory entering ramp-up production, focusing on structural components for electric vehicles [1] Investment Rating - The company maintains a "Buy" rating, with upward revisions to net profit forecasts for 2025, 2026, and 2027 by 13%, 1%, and 1% respectively, projecting net profits of 1.23 billion yuan, 1.42 billion yuan, and 1.63 billion yuan [1]