Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - In the first half of 2025, the company achieved revenue of 162 million yuan, a year-on-year increase of 46%, and a net profit attributable to shareholders of 30.64 million yuan, a year-on-year increase of 12% [6] - The company is expanding into low-altitude economy, military, robotics, and aviation applications, which are expected to drive future growth [5][6] - The company has successfully entered the advanced intelligent factory list in Zhejiang Province and has obtained six new invention patents, enhancing its market competitiveness [6] Financial Performance - In 2025H1, the automotive window system revenue increased by 73% year-on-year, driven by the vehicle replacement policy boosting downstream demand [6] - The company’s precision transmission system, automotive window system, and automotive vision system achieved revenues of 52 million yuan (up 39% YoY), 53.61 million yuan (up 73% YoY), and 43.3 million yuan (up 30% YoY) respectively [6] - The overall revenue and profit growth in the first half of 2025 indicates a strong cash flow improvement, with operating cash flow net amounting to 52.79 million yuan, a year-on-year increase of 68% [6] Market Outlook - The company is expected to benefit from the ongoing growth in the automotive industry, with China's vehicle production and sales reaching 15.62 million and 15.65 million units respectively, representing year-on-year growth of 12.5% and 11.4% [6] - The company is actively developing high-precision components for flying cars and has received certification for military equipment quality management, indicating a strategic move into the military sector [6] Earnings Forecast - The forecasted net profit attributable to shareholders for 2025-2027 is 80 million yuan, 98 million yuan, and 129 million yuan respectively, corresponding to current price-to-earnings ratios of 24.4, 20.0, and 15.2 times [6]
捷众科技(873690):2025H1营收yoy+46%,布局拓展低空经济、军工、机器人、航空等应用场景