ANLI(SZ:300218) Minsheng Securities·2025-08-26 08:21Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index within the next 12 months [6]. Core Views - The company achieved a revenue of 1.099 billion yuan in H1 2025, a year-on-year decrease of 2.40%, while the net profit attributable to shareholders increased by 0.91% to 93 million yuan [1]. - The company's customer structure has been optimized, with significant growth in orders from high-end functional footwear materials and stabilization in sofa and home furnishing orders. The company has established a tiered customer base, deepening ties with renowned brands such as Nike, Adidas, and Toyota [2]. - The company is expanding its global production capacity, particularly in Vietnam, where it has launched additional production lines. This expansion is expected to improve overall performance as customer orders increase [3]. - Future growth is anticipated due to rising demand for eco-friendly products and the expansion of downstream customers, alongside the release of production capacity from the Vietnam factory [4]. Summary by Sections Financial Performance - In H1 2025, the average selling price of products increased by 7.4%, and the gross margin for ecological functional synthetic leather was 26.68%, up by 0.12 percentage points year-on-year [1]. - The company reported a net profit of 47 million yuan in Q2 2025, a year-on-year decrease of 8.41% [1]. Customer and Product Strategy - The company has focused on high-performance, multifunctional, and eco-friendly products, with R&D investment reaching 78 million yuan in H1 2025, accounting for 7.05% of revenue [2]. - The company is developing customized solutions to meet individual customer needs, enhancing its core competitiveness and pricing power [2]. Global Expansion - The Vietnam facility is expected to reach an annual production capacity of 18 million meters for polyurethane synthetic leather and composite materials, with a positive outlook for performance improvement as orders ramp up [3]. - A wholly-owned subsidiary was established in Singapore to further enhance the company's global development [3]. Earnings Forecast - The company is projected to achieve net profits of 281 million yuan, 364 million yuan, and 472 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 1.29 yuan, 1.68 yuan, and 2.17 yuan [4][5].