Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company's domestic main engine business has significantly increased, with a net profit attributable to shareholders of 39.3 million yuan in H1 2025, representing a year-on-year increase of 89% [5] - The overall revenue growth and substantial profit increase in H1 2025 indicate a positive trend for the company [7] - The company is expected to benefit from the ongoing transition in the automotive industry towards new energy, lightweight, and intelligent vehicles, leading to steady business expansion [7] Financial Performance Summary - In H1 2025, the company achieved revenue of 529 million yuan (yoy +22%) and a net profit of 39.3 million yuan (yoy +89%) [7] - The revenue from assembly products increased by 25% year-on-year, driven by significant growth in domestic main engine business [7] - The company’s revenue from domestic operations grew by 40% year-on-year, reflecting strong demand in the domestic market [7] Revenue and Profit Forecast - Revenue projections for the company are as follows: - 2023: 828 million yuan - 2024: 966 million yuan - 2025E: 1,073 million yuan - 2026E: 1,228 million yuan - 2027E: 1,415 million yuan - The corresponding year-on-year growth rates are 14.25%, 16.59%, 11.16%, 14.38%, and 15.22% respectively [6] - Net profit forecasts are: - 2023: 84 million yuan - 2024: 64 million yuan - 2025E: 74 million yuan - 2026E: 90 million yuan - 2027E: 115 million yuan - The year-on-year growth rates for net profit are 29.20%, -23.06%, 15.56%, 20.93%, and 27.47% respectively [6] Market Outlook - The automotive hose market in China is projected to reach 25.9 billion yuan in 2025, with steady growth anticipated [7] - The overall automotive market in China is expected to see a sales volume of approximately 32.9 million vehicles in 2025, representing a year-on-year growth of 4.7% [7] - The company is well-positioned to capture growth opportunities in both domestic and international markets, particularly in the new energy vehicle sector [7]
三祥科技（831195）：国内主机业务大幅增加，2025H1归母净利润3930万元（yoy+89%）