Changjiang Securities·2025-08-25 15:25Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company achieved a revenue of 11.54 billion yuan in Q2 2025, representing a year-on-year increase of 21.4%, and a net profit attributable to shareholders of 2.77 billion yuan, up 31.5% year-on-year. The performance exceeded expectations due to scale effects and a decrease in raw material costs [2][4]. - The company is positioned as a leading global automotive glass manufacturer, with a widening competitive moat and significant long-term investment value [2][7]. Summary by Relevant Sections Financial Performance - In Q2 2025, the company reported a revenue of 11.54 billion yuan, a 21.4% increase year-on-year, and a net profit of 2.77 billion yuan, reflecting a 31.5% year-on-year growth. The gross profit margin reached 38.5%, an increase of 3.5 percentage points year-on-year [2][7]. - The company plans to distribute a cash dividend of 2.35 billion yuan for the mid-year report, with a payout ratio of 48.9% [7]. Market Position and Growth Potential - The company benefits from a high penetration rate of high-value-added products and an increasing global market share. The automotive glass market is expected to expand rapidly over the next decade, with the company poised to gain significantly [2][7]. - The company’s high-value products accounted for an increased revenue share, with a notable rise in the penetration of advanced glass technologies [7]. Future Outlook - The company is expected to continue its rapid growth, driven by the increasing demand for advanced automotive glass products. Projections for net profit attributable to shareholders are 9.88 billion yuan, 11.34 billion yuan, and 13.17 billion yuan for 2025, 2026, and 2027, respectively [7].