Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 1.765 billion in H1 2025, representing a year-on-year increase of 20.7%. The net profit attributable to shareholders was 108 million, up 40.2% year-on-year. The non-recurring profit was also 108 million, reflecting a growth of 41.9% [1][3]. - In Q2 2025, the company achieved a revenue of 923 million, which is a 15.3% increase year-on-year. The net profit attributable to shareholders for this quarter was 56 million, showing a significant growth of 51.0% year-on-year, with non-recurring profit increasing by 54.5% to 56 million [1][3]. Summary by Sections Financial Performance - In H1 2025, the company's revenue increased by 20.7% year-on-year to 1.765 billion. The net profit attributable to shareholders was 108 million, a 40.2% increase year-on-year. The non-recurring profit also reached 108 million, up 41.9% [1][3]. - For Q2 2025, the revenue was 923 million, reflecting a 15.3% year-on-year growth. The net profit attributable to shareholders was 56 million, with a year-on-year increase of 51.0%, and the non-recurring profit was also 56 million, up 54.5% [1][3]. Product Performance - The company experienced significant growth in its automotive and rail transit products, with automotive products growing by 30.58% and rail transit products by 25.48% in H1 2025. However, building products saw a decline of 1.37% [9]. - The gross margin for H1 2025 was 18.8%, a slight increase of 0.1 percentage points year-on-year. The company managed to reduce its expense ratio to 9.6%, down 0.9 percentage points year-on-year [9]. Future Outlook - The company expects net profits of 220 million and 290 million for 2025 and 2026, respectively, corresponding to PE ratios of 30 and 23 [5]. - The company is entering a growth phase with its complete vehicle sealing systems, having established partnerships with several major automotive manufacturers [9].
海达股份(300320):汽车、轨交产品经营向好