Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company's revenue performance in 2025H1 was below expectations, with total revenue of 878 million yuan, a year-on-year increase of 19%. The net profit attributable to the parent company was 115 million yuan, also up 19% year-on-year. However, Q2 saw a decline in revenue and net profit due to tariff impacts and initial low shipment volumes from the Malaysian factory [7] - Inventory levels increased significantly by 90% year-on-year in 2025H1, attributed to the transition of production capacity to Malaysia and delays in shipments to the U.S. due to customs and tariff changes. The company’s subsidiary was selected for a government-supported project, which is expected to accelerate order releases [7] - The company is experiencing rapid order growth driven by major clients and successful expansion into new regions. The air compressor business benefits from increased orders from Home Depot, while the vacuum cleaner business has strengthened partnerships with major retailers in North America [7] - The company has slightly adjusted its profit forecasts for 2025-2027, expecting net profits of 304 million, 388 million, and 444 million yuan respectively, with year-on-year growth rates of 19.9%, 27.7%, and 14.5%. The corresponding price-to-earnings ratios are projected to be 30, 24, and 21 [7] Financial Data and Profit Forecast - Total revenue is projected to reach 2,294 million yuan in 2025, with a year-on-year growth rate of 30.1%. The net profit attributable to the parent company is expected to be 304 million yuan, with a growth rate of 19.9% [3][9] - The gross profit margin is forecasted to be 35.4% in 2025, with a return on equity (ROE) of 18.9% [3][9] - The company's earnings per share (EPS) is expected to be 1.19 yuan in 2025, with a gradual increase in subsequent years [3][9] Market Data - As of August 15, 2025, the closing price of the stock was 35.95 yuan, with a market capitalization of 2,384 million yuan. The price-to-book ratio is 6.2, and the dividend yield is 3.25% [4]
欧圣电气（301187）：2025年中报点评：马来对美发货磨合期致存货提升，H2有望底部回升