NBGF(SH:603788) Dongxing Securities·2025-08-26 12:27Investment Rating - The report maintains a "Recommended" rating for Ningbo Gaofa [3][5] Core Views - Ningbo Gaofa's main products, gear shifters and pedal products, have seen continuous market share growth, with sales reaching historical highs in the first half of 2025 [1][3] - The company has successfully expanded its customer base, entering partnerships with major automotive manufacturers, including FAW-Volkswagen and SAIC Volkswagen [1][3] - The company exhibits strong cost and expense control, leading to stable profitability despite intense market competition [2][3] Financial Performance - In the first half of 2025, the company achieved revenue of 786.80 million yuan, a year-on-year increase of 7.83%, and a net profit attributable to shareholders of 103.89 million yuan, up 11.93% year-on-year [1][2] - The gross profit margin for Q2 2025 was 24.2%, an increase from 21.2% in Q1 2025, while the net profit margin was 14.3%, higher than 13.6% in the same period last year [2][3] - The company distributed cash dividends totaling 156.15 million yuan, representing 81.93% of the net profit attributable to shareholders for 2024 [2] Market Position and Growth Potential - The company has established a leading market position in its main products, with domestic market shares of 19.4% for gear shifters and 39.3% for pedal products [1][3] - The report forecasts net profits for 2025-2027 to be 221.45 million yuan, 256.24 million yuan, and 298.50 million yuan, respectively, with corresponding EPS of 0.99, 1.15, and 1.34 yuan [3][12]