JEE(SH:688162) Shenwan Hongyuan Securities·2025-08-28 11:15Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company reported a 26.0% year-on-year increase in revenue for H1 2025, reaching 1.899 billion yuan, and a 69.5% increase in net profit attributable to shareholders, amounting to 40 million yuan [5][7] - Despite a slight dip in Q2 performance due to asset impairment, the overall operational trend remains positive, with significant improvements in both the equipment and electric drive businesses [7] - The company is focusing on AI applications to enhance its equipment business and is exploring new opportunities in the automotive assembly sector [7] Financial Performance Summary - For H1 2025, the company achieved a revenue of 1.899 billion yuan, with a quarterly revenue of 939 million yuan in Q2, reflecting a 42.5% increase year-on-year [5][7] - The gross margin for H1 2025 was 15.52%, showing a slight increase from the previous year, while the total operating expenses decreased as a percentage of revenue [7] - The company has revised its profit forecasts for 2025-2027, now projecting net profits of 138 million yuan, 197 million yuan, and 253 million yuan respectively, indicating substantial growth rates [6][7]