ECOVACS(SH:603486) Shenwan Hongyuan Securities·2025-08-17 15:16Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company achieved significant growth in both domestic and overseas markets, with a notable increase in sales driven by trade-in subsidies and product technology upgrades [7] - The company's revenue performance aligns with mid-year forecasts, with a 24% year-on-year increase in total revenue for the first half of 2025 [7] - The gross margin has shown a stable increase, with an overall improvement of 2 percentage points, driven by the expansion of high-end product offerings and cost reduction initiatives [7] Financial Data and Profit Forecast - Total revenue is projected to reach 19,037 million yuan in 2025, with a year-on-year growth rate of 15.1% [3] - The net profit attributable to the parent company is expected to be 1,966 million yuan in 2025, reflecting a substantial year-on-year increase of 144% [3] - Earnings per share (EPS) is forecasted to be 3.42 yuan in 2025, with a steady increase in subsequent years [3] - The company's return on equity (ROE) is projected to be 22.3% in 2025, indicating strong profitability [3] Market Performance - As of August 15, 2025, the company's closing price was 91.60 yuan, with a market capitalization of 52,139 million yuan [4] - The company has a price-to-earnings (PE) ratio of 27 for 2025, which is expected to decrease to 21 by 2027, indicating potential for value appreciation [3][4]