FOTON(SH:600166) CAITONG SECURITIES·2025-08-31 03:39Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 30.371 billion yuan in the first half of 2025, representing a year-on-year growth of 26.71%, and a net profit attributable to shareholders of 777 million yuan, up 87.57% year-on-year [7] - The gross margin decreased year-on-year, while the expense ratio saw a decline: the gross margin for the first half of 2025 was 10.31%, down 1.96 percentage points [7] - The company achieved a sales volume of 327,000 vehicles (including Foton Daimler) in the first half of the year, a year-on-year increase of 9.1%, with a market share of 15.4%, up 0.9 percentage points [7] - The company is committed to advancing its internationalization strategy and enhancing its product layout, focusing on heavy trucks, pickups, and buses, while also promoting its new energy product matrix [7] - The forecast for net profit attributable to shareholders for 2025-2027 is 1.146 billion, 1.281 billion, and 1.672 billion yuan, respectively, with corresponding PE ratios of 19.1, 17.1, and 13.1 [7] Financial Performance Summary - Revenue forecast (in million yuan): 2023A: 56,097; 2024A: 47,698; 2025E: 53,112; 2026E: 58,948; 2027E: 64,666 [6] - Net profit forecast (in million yuan): 2023A: 909; 2024A: 81; 2025E: 1,146; 2026E: 1,281; 2027E: 1,672 [6] - EPS forecast: 2023A: 0.12; 2024A: 0.01; 2025E: 0.14; 2026E: 0.16; 2027E: 0.21 [6] - ROE forecast: 2023A: 6.4%; 2024A: 0.6%; 2025E: 7.7%; 2026E: 7.9%; 2027E: 9.4% [6]