KSHG(SH:605333) Guotou Securities·2025-08-22 03:04Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 45 CNY per share [8]. Core Views - The company achieved a revenue of 3.63 billion CNY in the first half of 2025, representing a year-on-year increase of 6.2%, and a net profit attributable to shareholders of 276 million CNY, up 8.4% year-on-year. In Q2 2025, the company reported a revenue of 2.087 billion CNY, a year-on-year increase of 10.71% and a quarter-on-quarter increase of 35.28% [1][2]. - The revenue growth in Q2 was primarily driven by increased sales from clients such as AITO, with AITO's sales reaching 107,000 units, a quarter-on-quarter increase of 135.8%. Other clients like Li Auto and Tesla also contributed to the revenue growth [2]. - The company's net profit in Q2 2025 was 183 million CNY, showing a significant quarter-on-quarter increase of 96.93%. The gross margin for Q2 was 16.63%, which is an increase of 2.25 percentage points quarter-on-quarter [3]. - The company is expanding its customer base to include new energy vehicle manufacturers and has achieved mass production of robotic harnesses. The introduction of high-voltage connectors has also contributed to revenue growth [4]. Financial Summary - The company forecasts net profits of 790 million CNY, 1.06 billion CNY, and 1.27 billion CNY for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 17%, 35%, and 20% [5]. - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 20.3, 15.0, and 12.6 respectively, indicating a favorable valuation compared to current market conditions [5]. - The company's revenue is expected to grow significantly, with projections of 9.38 billion CNY in 2025, 11.86 billion CNY in 2026, and 14.31 billion CNY in 2027 [6].