Minsheng Securities·2025-08-31 07:18Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 114.06 CNY per share on August 29, 2025 [7]. Core Insights - The company reported a revenue of 371.28 billion CNY for the first half of 2025, representing a year-on-year increase of 23.3%. The net profit attributable to shareholders was 15.51 billion CNY, up 13.8% year-on-year [1]. - In Q2 2025, the company achieved a revenue of 200.92 billion CNY, which is a 14.0% increase year-on-year and a 17.9% increase quarter-on-quarter. However, the net profit for the same period decreased by 29.8% year-on-year [2][3]. - The company is experiencing steady growth in overseas markets, with a 133.5% year-on-year increase in new energy vehicle exports from January to July 2025 [4]. Summary by Sections Revenue and Profitability - In H1 2025, the company's revenue was 371.28 billion CNY, with a net profit of 15.51 billion CNY. The Q2 revenue was 200.92 billion CNY, with a net profit of 6.36 billion CNY, showing a significant decline compared to the previous year [1][2]. - The average selling price (ASP) per vehicle in Q2 2025 was 137,300 CNY, reflecting a slight increase due to a higher proportion of high-end and overseas models [2]. Cost and Expenses - The overall gross margin in Q2 2025 was 16.3%, down 2.4 percentage points year-on-year, primarily due to increased discounts and intensified competition [3]. - The R&D expense ratio increased due to a rise in the number of R&D personnel and fixed expenditures [3]. International Expansion - The company is accelerating its overseas expansion, with new factories being established in Brazil and plans for further investments in Uzbekistan, Hungary, Turkey, and Indonesia [4]. - The company has invested in additional roll-on/roll-off ships to enhance its shipping capacity, contributing to increased sales in international markets [4]. Financial Forecast - The company is projected to achieve revenues of 990.81 billion CNY, 1,188.97 billion CNY, and 1,397.04 billion CNY for the years 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is expected to be 45.40 billion CNY, 60.35 billion CNY, and 70.42 billion CNY for the same years [6][10].