豪美新材（002988）：收入稳步增长，毛利率同比下滑拖累业绩

Investment Rating - The investment rating for the company is "Accumulate" with a downward adjustment [6] Core Views - The company achieved a revenue of 3.585 billion, a year-on-year increase of 14.86%, but the net profit attributable to the parent company was 92 million, down 25.7% year-on-year [1] - The revenue growth is primarily driven by increased business volume in automotive lightweight aluminum profiles, system windows, and industrial aluminum profiles [1] - The company expects net profits for 2025-2027 to be 218 million, 245 million, and 281 million respectively, with corresponding P/E ratios of 53, 47, and 41 [1] Revenue and Profitability - In the first half of 2025, the company's aluminum profile sales reached 140,800 tons, a year-on-year increase of 12.37% [2] - Revenue from automotive lightweight aluminum profiles, building aluminum profiles, industrial aluminum profiles, and system windows was 960 million, 940 million, 1.36 billion, and 300 million respectively, with year-on-year growth rates of 24.3%, 1.3%, 18.0%, and 28% [2] - The overall gross margin for the first half of 2025 was 10.7%, a decrease of 1.44 percentage points year-on-year [3] Cost and Cash Flow - The company's expense ratio slightly increased to 7.96%, with a net profit margin of 2.56%, down 1.38 percentage points year-on-year [4] - The net cash flow from operating activities for the first half of 2025 was 6.7 million, an increase of 8.2 million year-on-year [4] Financial Forecast - The company forecasts revenue growth rates of 10.60%, 11.46%, 14.27%, 11.33%, and 10.61% for the years 2023 to 2027 [5] - The projected net profit for 2025 is 217.75 million, with an expected P/E ratio of 52.54 [5] Market Position and Strategy - The company is exploring overseas market opportunities, including establishing a production base for automotive parts in Morocco [2] - The company is also focusing on enhancing the penetration rate of system windows in response to policies promoting quality housing and green building [2]