KSHG(SH:605333) Changjiang Securities·2025-08-27 14:20Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported a revenue of 3.63 billion yuan for the first half of 2025, representing a year-on-year growth of 6.2%, and a net profit attributable to shareholders of 276 million yuan, up 8.4% year-on-year [2][4] - The second quarter of 2025 saw a robust revenue growth of 2.09 billion yuan, with a quarter-on-quarter increase of 10.71% and a year-on-year increase of 35.28% [10] - The company is a leading domestic player in automotive wiring harnesses and is expected to achieve net profits of 803 million, 1.048 billion, and 1.271 billion yuan for 2025-2027, with corresponding PE ratios of 18.69X, 14.33X, and 11.81X [2][10] Summary by Sections Financial Performance - In Q2 2025, the company achieved a net profit of 183 million yuan, with quarter-on-quarter growth of 18.87% and year-on-year growth of 96.93% [10] - The gross margin was 16.6%, with a slight increase compared to previous periods, while the net margin reached 8.8% [10] - The company’s operating expenses ratio was 6.7%, showing a decrease from previous quarters, indicating effective cost control [10] Business Growth - The core business remains stable, with revenue growth supported by models such as the Wenjie M9 and others, contributing to a sequential increase in revenue [10] - The company is expanding its connector product line to enhance value, covering a range of high-voltage connectors and charging products [10] - The robotics wiring harness business is being developed, with a dedicated R&D team and successful product deliveries to leading AI companies [10] Future Outlook - The company is positioned to continue its growth trajectory, with expectations of increasing net profits over the next few years [2][10] - The establishment of a comprehensive robotics manufacturing base and innovation center is anticipated to further enhance the company's capabilities in the robotics sector [10]