Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's performance in H1 2025 met expectations, with revenue of 205 million yuan (YoY +67.7%) and a net profit of 75.16 million yuan (YoY +167.8%) [8] - The DHT hybrid system sales doubled, with significant growth in commercial vehicle expansion and overseas aftermarket [8] - The company is expected to achieve breakthroughs in the pure electric field with multiple ELSD designations [8] - The financial forecast indicates a strong growth trajectory, with projected net profits of 153 million, 219 million, and 283 million yuan for 2025, 2026, and 2027 respectively [8] Financial Data and Profit Forecast - Total revenue is projected to reach 500 million yuan in 2025, with a growth rate of 59.9% [7] - The gross margin is expected to be 48.4% in 2025, with a net profit margin of 36.7% [8] - The company’s return on equity (ROE) is forecasted to be 26.0% in 2025 [7] - The company has a low debt ratio of 16.72% as of June 30, 2025 [2] Revenue Breakdown - In H1 2025, revenue from traditional energy vehicles, new energy vehicles, and commercial vehicles was 118 million, 53 million, and 17 million yuan respectively, with growth rates of 49.8%, 113.2%, and 147.6% [8] - The company achieved significant revenue growth in overseas markets, with a 89.0% increase [8] Product Performance - The wet paper-based friction plates and dual plates contributed to an increase in gross margin, with the wet paper-based friction plates achieving a gross margin of 56.6% [8] - The company is expanding its production capacity to meet increasing demand, with new facilities expected to be completed by November 2025 [8] Market Potential - The global electronic differential market is projected to grow from 4.22 billion USD in 2024 to 11.14 billion USD by 2032, with a CAGR of 12.9% [8] - The company is positioned to capture market share in the growing electric vehicle sector through its innovative products [8]
林泰新材（920106）：业绩符合预期，混动翻番，ELSD有望实现纯电突破