GSP GROUP(SH:605088) Huaan Securities·2025-09-04 07:43Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q2 2025 met expectations, with solid progress in solid-state batteries and robotics [7] - The company is expected to achieve stable growth in its automotive aftermarket business while exploring opportunities in the robotics and solid-state battery sectors [7] - The company has ongoing projects in solid-state battery production and strategic partnerships in the robotics field, which are anticipated to drive future growth [7] Financial Summary - For 2024A, the company is projected to have a revenue of 40.20 billion yuan, with a year-on-year growth of 26.4% [5] - The net profit attributable to the parent company for 2024A is expected to be 2.98 billion yuan, reflecting a year-on-year increase of 4.8% [5] - The gross margin for 2024A is projected at 25.5%, with a return on equity (ROE) of 12.3% [5] - The company anticipates a net profit of 3.80 billion yuan in 2025, with a growth rate of 27.5% [7] Revenue Breakdown - In the first half of 2025, the company achieved a revenue of 20.34 billion yuan, a year-on-year increase of 8% [7] - Revenue from North America grew by 19% year-on-year, while domestic revenue increased by 23% [7] - The company reported a revenue of 11.41 billion yuan in Q2 2025, with a year-on-year growth of 1% and a quarter-on-quarter increase of 28% [7] Project Developments - The solid-state battery project is progressing well, with the construction of the semi-solid lithium iron phosphate battery project expected to reach production by mid-2026 [7] - The company has signed a strategic cooperation agreement with Sichuan Tianlian Robotics to develop bearings for robotics applications [7]