Yiheda(SZ:301029) HTSC·2025-08-15 06:44Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 34.40 [1][5]. Core Views - The company reported a revenue of RMB 1.461 billion for the first half of 2025, representing a year-on-year increase of 18.70%, and a net profit attributable to shareholders of RMB 282 million, up 26.49% year-on-year. The growth is primarily driven by the high revenue increase in the new energy lithium battery and automotive sectors [1][5]. - The company has adjusted its revenue growth forecast for the new energy lithium battery and automotive sectors from 20% to 50% for 2025, reflecting a strong recovery in downstream demand [5]. - The gross margin for the first half of 2025 was 39.10%, an increase of 3.46 percentage points year-on-year, indicating improved profitability driven by the recovery in the new energy and automotive sectors [3][5]. Summary by Sections Revenue and Profitability - In the first half of 2025, the company's revenue from the 3C mobile phone sector accounted for 24% of total revenue, showing a decline of 4% year-on-year. In contrast, the automotive sector saw a revenue increase of 53%, accounting for 12% of total revenue. The semiconductor sector grew by 28%, while other sectors increased by 42% [2]. - The gross margins for the 3C, new energy lithium battery, and automotive sectors in the first half of 2025 were 40.48%, 33.85%, and 37.12%, respectively, with significant year-on-year improvements [3]. Strategic Direction - The company aims to build a comprehensive strategic framework to enhance product capabilities, focusing on a one-stop procurement platform that includes FA (non-core standard parts), FB (non-standard parts), and FX (core branded components) [4]. Financial Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is RMB 508 million, RMB 616 million, and RMB 773 million, respectively. The price-to-earnings ratio for comparable companies in 2025 is projected to be 36 times, while the company is given a higher PE of 43 times due to its strong business model [5][11].