Investment Rating - The report maintains a "Buy" rating for the company 中创新航 (3931 HK) [3][2] Core Views - The report highlights steady improvement in profitability for 1H25, with breakthroughs in overseas energy storage and commercial vehicle businesses driving battery shipment growth. The target price is set at HKD 24.77, indicating a potential upside of 14.7% from the current price of HKD 21.60 [2][8] Financial Performance Summary - Revenue for 1H25 increased by 31.7% year-on-year to RMB 16.42 billion, with energy storage battery revenue soaring by 109.7% to RMB 5.76 billion. The gross margin reached 17.5%, up 1.9 percentage points year-on-year [7][12] - Net profit for 1H25 rose by 80.4% year-on-year to RMB 750 million, with a net profit margin of 4.6% [7][12] - The company expects to maintain its annual shipment forecast, with adjustments to battery price expectations leading to a revenue forecast reduction of 8%-10% for 2025-2027 [7][8] Earnings Forecast Changes - The report provides updated earnings forecasts for 2025E, 2026E, and 2027E, with revenue estimates of RMB 37.698 billion, RMB 45.33 billion, and RMB 51.518 billion respectively, reflecting a decrease of 8%-10% from previous estimates [6][12] - The net profit forecast for 2025E is adjusted to RMB 1.79 billion, with a net profit margin of 4.7% [6][12] Market Position and Growth Potential - The company has seen significant growth in its commercial vehicle battery segment, with a year-on-year increase in delivery volume of 22.7% to 21.8 GWh, and a market share increase of 2.8 percentage points to 6.7% [7][12] - The overseas energy storage business is expected to maintain strong growth, with successful project completions in Latin America and South Africa [7][8]
中创新航（03931）：1H25 盈利能力稳步提升，海外储能和商用车业务迎来突破；维持买入