银都股份（603277）：业绩受关税影响短期承压，期待后续智能化新品

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's revenue for the first half of 2025 reached 1.426 billion yuan, a year-on-year increase of 4.35%, while the net profit attributable to shareholders was 347 million yuan, remaining stable. However, the net profit after deducting non-recurring gains and losses decreased by 20.6% year-on-year [7] - The company is facing short-term pressure on profit margins due to tariff policies, with a gross profit margin of 40.89% in Q2 2025, down 4.2 percentage points year-on-year [7] - The company is advancing its globalization strategy, having completed the establishment of 19 self-owned warehouses and 22 agency warehouses as part of its "85 Country Plan" [7] - The company is expected to achieve net profits of 601 million yuan, 652 million yuan, and 742 million yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 18, 16, and 14 times [7] Financial Performance Summary - Revenue forecast (in million yuan): 2023A: 2653, 2024A: 2753, 2025E: 3042, 2026E: 3373, 2027E: 3616, with a revenue growth rate of 10.5% in 2025E [6][8] - Net profit forecast (in million yuan): 2023A: 511, 2024A: 541, 2025E: 601, 2026E: 652, 2027E: 742, with a net profit growth rate of 11.05% in 2025E [6][8] - EPS forecast (in yuan): 2023A: 1.22, 2024A: 1.29, 2025E: 0.98, 2026E: 1.06, 2027E: 1.21 [6][8] - The company’s ROE is projected to be 18.95% in 2025E, with a PB ratio of 3.32 [6][8]