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明阳科技(837663):营收端稳步增长31%,客户年降与生产成本增加致利润率下滑

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue growth of 31.03% year-on-year for H1 2025, reaching 167 million yuan, while the net profit attributable to shareholders decreased by 4.12% to 32 million yuan due to declining customer numbers and rising production costs [2] - All five product categories experienced steady revenue growth, with the seat adjustment assembly showing a significant increase of 93% year-on-year [3] - The company is positioned in the high-value component segment of automotive seats, focusing on high-performance and high-precision parts, and has made breakthroughs in the development of new products [4] Financial Performance Summary - For H1 2025, the company achieved a gross margin of 39.14%, down 5.09 percentage points year-on-year, and a net profit margin of 19.04%, down 6.98 percentage points year-on-year [2] - The company's revenue forecast for 2025 is 400.45 million yuan, with a projected net profit of 87 million yuan, reflecting a growth rate of 9.95% [9] - The earnings per share (EPS) for 2025 is estimated at 0.65 yuan, with a price-to-earnings (P/E) ratio of 37.88 based on the latest diluted EPS [1][9]