中复神鹰(688295)：量增、降本、控费三重协同 Q2业绩表现抢眼

Core Viewpoint - Zhongfu Shenying reported a significant turnaround in Q2 2025, achieving a revenue of 5.2 billion yuan, a year-on-year increase of 83.15%, and a net profit attributable to shareholders of 57.16 million yuan, reversing losses from the previous year [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved a revenue of 922 million yuan, a year-on-year increase of 25.86%, but the net profit attributable to shareholders fell by 52.23% to 11.93 million yuan [1]. - The Q2 2025 net profit attributable to shareholders was 57.16 million yuan, compared to a loss of 16.81 million yuan in the same period last year [1][2]. - The company reported a net profit of 599.4 million yuan after deducting non-recurring items in Q2 2025, compared to a loss of 337.7 million yuan in the previous year [1][2]. Group 2: Operational Efficiency - The company achieved a gross margin of 24.54% in Q2 2025, an increase of 4.27 percentage points year-on-year, driven by cost reduction efforts at its Xining base [2]. - The unit production cost decreased by 4.55% year-on-year due to technical upgrades and process optimizations [2]. - The company’s operating cash flow improved significantly, reaching 74.7 million yuan in H1 2025, a year-on-year increase of 198.64% [3]. Group 3: Strategic Initiatives - The company expanded its market share through strategic partnerships with industry leaders and by focusing on differentiated high-end product series [2]. - Sales of 3K and other small tow products increased by 77% year-on-year, while sales in the wind power sector grew by over 200% [2]. - The company implemented zero-based budgeting and reduced unnecessary expenses, leading to a significant decrease in management expenses by 44.93% in H1 2025 [2][3]. Group 4: Future Outlook - The company is expected to maintain its long-term advantages in scale and cost, with revised profit forecasts of 130 million yuan, 150 million yuan, and 190 million yuan for 2025-2027 [3].