建邦科技（837242）：关税扰动下业绩超预期，平台型公司营收多元增长

Investment Rating - The report maintains a "Buy" rating for the company [2][10] Core Insights - The company reported a revenue of 375 million yuan for the first half of 2025, representing a year-on-year growth of 20.77%, and a net profit attributable to shareholders of 49.41 million yuan, up 27.18% year-on-year, exceeding market expectations [7] - The company is transitioning into a platform model with diversified revenue streams, driven by strong growth in electronic and electrical products [7] - The company has a robust supply chain management capability, managing over 400 suppliers and introducing 2,000-3,000 new SKUs annually [10] Financial Data and Profit Forecast - Total revenue is projected to reach 902 million yuan in 2025, with a year-on-year growth rate of 19.9% [6] - The net profit attributable to shareholders is expected to be 120 million yuan in 2025, reflecting a growth rate of 12.3% [6] - The gross profit margin is forecasted to be 29.3% in 2025, with a return on equity (ROE) of 17.6% [6] Revenue Breakdown - Revenue from automotive products reached 85 million yuan in the first half of 2025, a significant increase of 60.62% year-on-year, driven by demand for integrated hardware and software products [7] - Non-automotive product revenue surged to 64.99 million yuan, with household garden products contributing 45.22 million yuan, marking a 379% increase year-on-year [7] Market Position and Strategy - The company has successfully transferred tariff costs to customers due to its strong bargaining power and the high replacement cost of automotive electronic products [7] - The company’s Thai factory has received operational approval, with existing orders exceeding production capacity by two times, indicating strong growth potential [7]