Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 12.66 billion yuan for H1 2025, representing a year-on-year increase of 10.4% (9.2% in USD), while the net profit attributable to the parent company was 1.66 billion yuan, down 11.4% year-on-year (12.4% in USD) [5][6]. - For Q2, the revenue was 7.31 billion yuan, up 9% year-on-year (7.7% in USD), with a net profit of 900 million yuan, reflecting a year-on-year decline of 17.3% (18.3% in USD) [5][6]. - The company expects a recovery in net profit margin in Q3 due to stable income tax rates and recent efficiency improvements, despite short-term pressures from old factory utilization rates and new factory production [2][5]. Summary by Sections Revenue - The revenue growth is driven by new customer acquisition, while existing customers face operational pressures leading to a decline in their orders. Q2 saw a volume increase of 4.2% year-on-year, but revenue growth slowed by 3.4 percentage points compared to Q1 due to tariff and external demand impacts [5][6]. - The average selling price increased by 4.6% year-on-year (3.4% in USD), attributed to a decrease in the proportion of low-priced old customers [5][6]. Profitability - The gross margin decline has negatively impacted the net profit margin, which was 12.3% in Q2, down 1.9 percentage points quarter-on-quarter and 3.9 percentage points year-on-year. This decline is primarily due to new factories ramping up production and underutilization of some old factories [5][6]. Outlook - The company forecasts net profits attributable to the parent company for 2025-2027 to be 3.49 billion, 4.00 billion, and 4.53 billion yuan, respectively, with year-on-year changes of -9%, +15%, and +13%. The corresponding price-to-earnings ratios are projected to be 17, 15, and 13 times [2][5].
华利集团（300979）：2025H1业绩快报点评：收入延续较优增长，净利率环比回落