SOKAN(SH:688157) Huachuang Securities·2025-09-03 12:12Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [17]. Core Insights - The company reported a significant increase in revenue from the automotive sector, with a year-on-year growth of 109.60% in the first half of 2025. The total revenue for H1 2025 reached 348 million yuan, a 7.48% increase compared to the previous year, while the net profit attributable to the parent company decreased by 69.84% to 12 million yuan [1][7]. - The report highlights the acceleration of the commercialization of all-solid-state battery insulation glue frame printing solutions, which is expected to enhance operational efficiency and innovation [7]. - The company is experiencing a decline in net profit primarily due to the increasing proportion of lower-margin automotive business and rising depreciation and operational costs from ongoing projects [7]. Financial Summary - For the first half of 2025, the company achieved a gross profit margin of 42.63% and a net profit margin of 3.61%. In Q2 2025, revenue was 194 million yuan, reflecting a 3.35% year-on-year increase and a 26.97% quarter-on-quarter increase [1]. - The projected total revenue for 2025-2027 is estimated at 951 million, 1,214 million, and 1,522 million yuan, respectively, with year-on-year growth rates of 27.5%, 27.7%, and 25.3% [3][7]. - The forecasted net profit for the same period is expected to be 66 million, 135 million, and 172 million yuan, with a notable rebound in 2026 and 2027 after a projected decline in 2025 [3][7]. Segment Performance - The 3C segment generated 244 million yuan in revenue during H1 2025, with a 3.27% increase in mobile phone and accessories sales. The company has expanded its collaboration with major North American consumer electronics clients [7]. - The automotive segment's revenue in H1 2025 was 98 million yuan, with a significant increase in orders due to the successful development of exterior parts for mainstream vehicle models [7]. - The new energy segment has made progress with the development of integrated solutions for all-solid-state battery insulation glue frame printing, which is currently in the joint verification phase with leading downstream manufacturers [7].