Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Views - The company reported a revenue of 162 million yuan in H1 2025, representing a year-on-year growth of 45.51%, and a net profit attributable to the parent company of 30.64 million yuan, up 11.71% year-on-year [5] - The company is expected to maintain its profit forecast for 2025-2027, with projected net profits of 82 million yuan, 95 million yuan, and 114 million yuan for the respective years [5] - The company has been recognized as one of the first batch of advanced intelligent factories in Zhejiang Province, which is expected to enhance its market position [6] Financial Summary - The total market capitalization of the company is 2.006 billion yuan, with a circulating market capitalization of 1.304 billion yuan [3] - The company's earnings per share (EPS) for 2025-2027 are projected to be 1.23 yuan, 1.43 yuan, and 1.71 yuan, with corresponding price-to-earnings (P/E) ratios of 24.6, 21.1, and 17.6 respectively [5] - The company achieved significant growth in various product segments, with automotive window systems and body electronics showing particularly high revenue growth rates of 73.17% and 402.37% respectively [6] Industry Insights - The automotive industry in China is experiencing a growth trend, with total vehicle production and sales exceeding 15 million units for the first time in H1 2025, marking year-on-year increases of 12.5% and 11.4% respectively [7] - The implementation of the "old-for-new" policy is expected to further stimulate automotive consumption, contributing to the overall growth of the automotive market [7] - The company is actively expanding its product offerings in the new energy vehicle sector, which is anticipated to drive future revenue growth [5][6]
捷众科技（873690）：北交所信息更新：浙江省首批智能工厂认证，汽车门窗及车身电子放量，2025H1扣非归母净利润+63%