威迈斯（688612）：Q2盈利能力提升，海外布局有望起量

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [4][6][13]. Core Views - The company reported a 7% year-on-year increase in revenue for H1 2025, reaching 2.96 billion yuan, and a 26% increase in net profit to 272 million yuan, with a notable 29% growth in net profit excluding non-recurring items [1]. - The company is a leading player in the vehicle charging machine industry, with a market share of 17.2% in the passenger car onboard charger market in China, despite a slight decline from the previous year [2]. - The company is focusing on integrated product development, particularly in electric drive systems, which saw a 13% increase in revenue to 321 million yuan in H1 2025 [2]. - The gross margin improved to 23.04% in Q2 2025, reflecting effective cost control and an increase in high-value product shipments [3]. - The company is expanding its global footprint, with successful production and supply agreements with international automotive clients [3]. Summary by Sections Financial Performance - H1 2025 revenue was 2.96 billion yuan, a 7% increase year-on-year, with Q2 revenue at 1.607 billion yuan, up 14% year-on-year and 19% quarter-on-quarter [1]. - H1 2025 net profit reached 272 million yuan, a 26% increase year-on-year, with Q2 net profit at 171 million yuan, up 69% year-on-year and 70% quarter-on-quarter [1]. Market Position - The company holds a 17.2% market share in the onboard charger market for passenger vehicles in China, ranking second, and a 25.6% share in the third-party supply market, maintaining the top position since 2020 [2]. - The company is developing next-generation integrated electric drive systems, with a focus on high-voltage and multifunctional products [2]. Profitability and Cost Management - The gross margin for Q2 2025 was 23.04%, an increase of 1.11 percentage points year-on-year and 5.15 percentage points quarter-on-quarter, driven by lean production management [3]. - R&D investment for H1 2025 was 202 million yuan, a 13.11% increase year-on-year, with a focus on product integration and new material applications [3]. Global Expansion - The company has successfully obtained land use permits for its production base in Thailand, enhancing its global operational capabilities [3]. - It has established long-term supply relationships with major international automotive manufacturers, including Stellantis, Renault, Aston Martin, and Ferrari [3].