真兰仪表（301303）：2025年半年报点评报告：2025年中报业绩亮眼，出口高增长、新业务正放量

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported strong performance in the first half of 2025, with revenue growth driven by a 40% increase in exports and a 110% increase in automotive parts [1] - The revenue for H1 2025 reached 770 million yuan, a year-on-year increase of 27%, with net profit attributable to shareholders at 147 million yuan, up 14% year-on-year [1] - The company is expanding into new business areas, including water meters and automotive parts, to create additional growth curves [4][5] Revenue Structure - In H1 2025, the revenue breakdown showed that instrument and meter revenue was 710 million yuan (92% of total revenue), automotive parts revenue was 29 million yuan (4%), and other business revenue was 31 million yuan (4%) [1] - The company achieved domestic and overseas revenue of 650 million yuan and 120 million yuan, respectively, with year-on-year growth of 25% and 40% [1] Profitability Analysis - The gross margin for H1 2025 was 40.5%, a slight decline of 0.18 percentage points year-on-year, while the net margin was 19.7%, down 2.1 percentage points year-on-year [2] - In Q2 2025, the company reported a gross margin of 40.3%, with a year-on-year increase of 1.2 percentage points [3] Future Growth Prospects - The company is focusing on developing its proprietary ultrasonic gas meter technology to enhance its competitive edge and profitability [4] - The automotive parts business is expected to grow rapidly, supported by production bases in Zhuzhou and Wuhu, catering to major automotive clients [5] - Revenue projections for 2025-2027 indicate a compound annual growth rate (CAGR) of 20% for revenue and 15% for net profit [9]