AUPU(SH:603551) Shenwan Hongyuan Securities·2025-08-26 14:50Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company's Q2 performance slightly exceeded expectations, with a total revenue of 820 million yuan for H1 2025, down 4.92% year-on-year, and a net profit attributable to shareholders of 133 million yuan, up 7.85% year-on-year. The Q2 revenue was 474 million yuan, down 1.48% year-on-year, with a net profit of 82 million yuan, up 15.41% year-on-year [7] - The company announced a cash dividend distribution plan for H1 2025, proposing a cash dividend of 3.0 yuan per 10 shares, totaling 115.12 million yuan, which accounts for 86.62% of the net profit attributable to shareholders for the same period [7] - The company is focusing on product innovation in its electrical products segment, introducing features like smart temperature control and automatic switches, and expanding its product line to include kitchen air conditioners and other appliances [7] - The company is also integrating its electrical modules with home materials to create a one-stop solution for quick installation [7] - The company has maintained a high level of dividend payout, indicating long-term investment value [7] Financial Data and Profit Forecast - For 2025, the company is expected to achieve total revenue of 1,966 million yuan, with a year-on-year growth rate of 5.4%. The net profit attributable to shareholders is projected to be 316 million yuan, with a growth rate of 6.4% [5] - The gross profit margin for H1 2025 was 44.46%, with a net profit margin of 16.00%, reflecting a year-on-year increase of 1.45 percentage points [7] - The company’s return on equity (ROE) is projected to be 22.2% for 2025, increasing to 23.8% by 2027 [5]