同力股份（834599）：2025年半年报点评：公司业绩持续向好

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the market index by more than 15% in the next six months [7]. Core Views - The company has shown continuous improvement in performance, with a revenue of 3.169 billion yuan in the first half of 2025, representing a year-on-year increase of 12.69%. The net profit attributable to shareholders reached 321 million yuan, up 8.25% year-on-year [2][5]. - The company's gross profit margin for the first half of 2025 was 19.78%, an increase of 1.23 percentage points compared to the same period last year [5]. - The company is accelerating the development of autonomous driving models through partnerships with several development companies, aiming for large-scale commercial deployment in mining areas [5]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved an operating income of 3.169 billion yuan, a year-on-year increase of 12.69%. The operating profit was 376 million yuan, up 8.19%, and the net profit attributable to shareholders was 321 million yuan, reflecting an 8.25% increase year-on-year [2][5]. - The second quarter of 2025 saw a single-quarter operating income of 1.633 billion yuan, a year-on-year growth of 1.10% and a quarter-on-quarter increase of 6.32%. However, the net profit attributable to shareholders decreased by 25.01% year-on-year and 28.34% quarter-on-quarter [5]. Business Segments - The revenue from wide-body dump trucks was 2.952 billion yuan, a year-on-year increase of 12.47%. Revenue from parts sales reached 138 million yuan, up 26.55% year-on-year [5]. - The company is focusing on the development of autonomous driving vehicles, collaborating with various companies to enhance the deployment of these products in mining operations [5]. Earnings Forecast - The expected earnings per share for 2025 and 2026 are 1.89 yuan and 2.14 yuan, respectively, with corresponding price-to-earnings ratios of 12 times and 10 times [5][6].