爱玛科技（603529）：业绩同比高增长，提升全球供应保障力

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a total revenue of 13.03 billion yuan for the first half of 2025, representing a year-on-year growth of 23.04%, and a net profit attributable to shareholders of 1.21 billion yuan, up 27.56% year-on-year [7] - The gross margin improved year-on-year, while the expense ratio decreased: the gross margin for the first half of 2025 was 19.25%, an increase of 1.42 percentage points [7] - The company is driving product upgrades through technological innovation and enhancing global supply capabilities, with ongoing development in electric motors, controllers, and battery technologies [7] - The company is expected to achieve net profits of 2.63 billion, 3.13 billion, and 3.43 billion yuan for 2025-2027, corresponding to PE ratios of 11.7, 9.8, and 9.0 times, respectively, maintaining the "Accumulate" rating [7] Financial Performance Summary - Revenue forecast (in million yuan): 21,036 in 2023, 21,606 in 2024, 26,019 in 2025, 31,260 in 2026, and 37,425 in 2027, with growth rates of 1.1%, 2.7%, 20.4%, 20.1%, and 19.7% respectively [6] - Net profit forecast (in million yuan): 1,881 in 2023, 1,988 in 2024, 2,628 in 2025, 3,126 in 2026, and 3,427 in 2027, with growth rates of 0.4%, 5.7%, 32.2%, 19.0%, and 9.6% respectively [6] - EPS forecast: 2.20 in 2023, 2.37 in 2024, 3.02 in 2025, 3.60 in 2026, and 3.94 in 2027 [6] - ROE forecast: 24.4% in 2023, 22.0% in 2024, 24.8% in 2025, 23.9% in 2026, and 21.7% in 2027 [6]