爱玛科技（603529）：25H1：业绩符合预期，下半年确定性依然高

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][10][16] Core Views - The company is expected to see a strong performance in H2 2025, with revenue and profit forecasts adjusted upwards due to robust demand and favorable market conditions [10][12] - The company reported a revenue of 6.8 billion yuan in Q2 2025, representing a 21% year-on-year increase, and a net profit of 610 million yuan, up 31% year-on-year, aligning with market expectations [4] - The company is well-positioned to benefit from the increasing industry concentration and its compliance with national subsidy application requirements [6][10] Financial Performance Summary - Revenue projections for 2025 and 2026 are 27.4 billion yuan and 30.7 billion yuan, respectively, reflecting growth rates of 27% and 12% [3][10] - The net profit estimates for 2025 and 2026 are 2.6 billion yuan and 3.2 billion yuan, indicating growth rates of 32% and 22% [3][10] - The earnings per share (EPS) are projected to be 3.01 yuan for 2025 and 3.67 yuan for 2026 [3][10] Market and Industry Outlook - The industry is transitioning to a high-end and intelligent growth phase, with expected sales reaching 70 million units post-2025, indicating a 10-15% growth [9] - The company has a strong lineup of over 10 new models compliant with the new national standards, expected to launch in September, which may positively impact sales [8][10]