Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 30.3 yuan [2][8]. Core Views - The company reported a revenue of 1.86 billion yuan for the first half of 2025, representing a year-on-year increase of 12%. However, the net profit attributable to the parent company was a loss of 105 million yuan, compared to a loss of 18 million yuan in the same period last year [2][3]. - The company is experiencing pressure on its performance, but it has successfully expanded into new businesses such as energy storage and semiconductors [2][8]. - The automotive business showed a year-on-year revenue growth of 18%, while the communication business faced slight declines [8]. Financial Summary - Total revenue is projected to grow from 3.66 billion yuan in 2024 to 5.54 billion yuan in 2027, with year-on-year growth rates of 14.7%, 16.2%, 14.5%, and 13.8% respectively [4][9]. - The net profit attributable to the parent company is expected to improve from a loss of 164 million yuan in 2024 to a profit of 170 million yuan in 2027, with growth rates of -220.6%, 5.1%, 146.2%, and 137.0% respectively [4][9]. - The company’s gross margin is projected to fluctuate, with a decrease in 2025 to 7.9% before recovering to 13.5% by 2027 [4][9]. Business Performance - In the second quarter of 2025, the company achieved a revenue of 978 million yuan, with a quarter-on-quarter increase of 11% [8]. - The automotive parts revenue reached 1.20 billion yuan, showing an 18% year-on-year increase, while the communication components revenue was 560 million yuan, slightly down by 0.1% year-on-year [8]. - The company has successfully entered the supply chain for energy storage and semiconductor clients, indicating potential for future growth [8].
美利信（301307）：业绩仍承压，储能、半导体新业务拓展顺利