Dong Jian Yan Bao·2025-09-04 13:19Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The company achieved a revenue of 1.524 billion yuan in the first half of 2025, a year-on-year increase of 35.32%, with an overall gross profit margin of 18.01%, a year-on-year decrease of 1.77%. The gross profit margin decline was mainly due to product price cuts. The company expects product prices to stabilize in the second half of the year, helping to maintain a stable gross profit margin. With the improvement of product structure, the gross profit margin is expected to further improve [24]. - The company's electric recirculating ball steering gear is mainly used in new energy light trucks, and the electro-hydraulic recirculating ball steering gear is used in high-performance medium and heavy commercial vehicles such as unmanned mining trucks and port operation vehicles [26]. - The company anticipates that the domestic steer-by-wire market will start to scale up in 2026. As a leading domestic supplier, it has obtained project approvals from several mainstream OEMs, and related products are expected to enter mass production from the second half of 2026 [27]. 3. Summary by Directory 3.1. Research Basic Situation - Research object: Zhejiang Shibao [16] - Industry: Auto parts [16] - Reception time: September 4, 2025 [16] - Listed company reception staff: Board Secretary Liu Xiaoping [16] 3.2. Detailed Research Institutions - Investment companies: Qianhe Investment [17] - Fund management companies: ICBC Credit Suisse, Great Wall Fund, Ruiyuan Fund, etc. [17][18] - Securities companies: Great Wall Securities, Guolian Minsheng Securities, Huaxi Securities, etc. [17][18] - Others: Huatai Insurance Asset [18] 3.3. Research Institution Proportion - Investment companies: 6% [20] - Fund management companies: 50% [20] - Securities companies: 39% [20] - Others: 6% [20] 3.4. Main Content Data - Gross profit margin analysis: The decline in gross profit margin in the first half of 2025 was mainly due to price cuts in the auto industry. With the stabilization of product prices in the second half of the year and the improvement of product structure, the gross profit margin is expected to stabilize and improve [24]. - Product application scenarios: Electric recirculating ball steering gears are used in new energy light trucks, and electro-hydraulic recirculating ball steering gears are used in high-performance medium and heavy commercial vehicles [26]. - Steer-by-wire progress: The domestic steer-by-wire market is expected to start to scale up in 2026, and the company's products are expected to enter mass production from the second half of 2026 [27]. - Cost reduction measures: The company promotes cost reduction through multi-dimensional optimization of product design, material procurement, and manufacturing, and improves operational efficiency through digital means [28]. - Net profit margin outlook: The company's net profit margin in the first half of 2025 was 6.10%. With the expansion of scale, the company is confident to further improve profitability [30]. - Accounts receivable management: The implementation of the 60-day payment term is expected to improve cash flow management and capital turnover efficiency [31]. - Overseas layout: The company currently has no specific plans for overseas investment and construction, but is actively promoting supplier qualification certification and project approvals for international OEMs [32]. - Controlling shareholder's share reduction: The controlling shareholder's share reduction is for its own capital needs, and the reduction does not affect the company's control [33].