Yiheda(SZ:301029) GUOTAI HAITONG SECURITIES·2025-08-15 11:23Investment Rating - The report maintains a rating of "Buy" for the company, with a target price set at 31.95 CNY [10][12]. Core Insights - The company's revenue growth in the first half of 2025 is driven by the lithium battery and automotive sectors, with significant improvements in gross and net profit margins. The company is actively developing a one-stop procurement platform and accelerating its global expansion [2][10]. Financial Summary - Total revenue for 2023 is reported at 2,881 million CNY, with projections of 2,931 million CNY for 2025, reflecting a year-on-year growth of 17.0%. Net profit attributable to shareholders is expected to rise from 546 million CNY in 2023 to 533 million CNY in 2025, showing a growth of 31.9% from the previous year [4][11]. - The gross profit margin for the first half of 2025 increased by 3.46 percentage points year-on-year, while the net profit margin improved by 1.19 percentage points [10]. Revenue Breakdown - In the first half of 2025, the lithium battery sector generated revenue of 321 million CNY, up 53.17% year-on-year, with a gross margin of 33.85%. The automotive sector also saw revenue growth of 53.25%, totaling 175 million CNY, although its gross margin decreased by 3.31 percentage points [10]. Global Expansion - The company is enhancing its one-stop service capabilities and has expanded its business to over 30 countries and regions globally, leveraging China's supply chain advantages [10]. Earnings Per Share (EPS) Forecast - The report revises the EPS estimates for 2025 to 0.84 CNY, with further increases projected to 1.01 CNY in 2026 and 1.18 CNY in 2027 [10][11]. Market Performance - The company's stock has shown a 41% increase over the past 12 months, with a current price of 25.07 CNY [5][9]. Valuation Comparison - The report references a comparable company average PE ratio of 40.53 for 2025, suggesting a valuation approach based on a 38 times PE for the company [12].