MAYAIR(SH:688376) Changjiang Securities·2025-09-07 14:42Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - In the first half of 2025, the company achieved operating revenue of 935 million yuan, a year-on-year increase of 23.51%, and a net profit attributable to shareholders of 98 million yuan, a year-on-year increase of 5.53%. In Q2 alone, the operating revenue reached 618 million yuan, a year-on-year increase of 27.73%, while the net profit attributable to shareholders was 56 million yuan, a year-on-year decline of 2.42% [2][6]. - The increase in revenue without a corresponding increase in profit is primarily due to the impact of equity incentive expenses, intensified competition, and pressure on gross margins. The company has implemented an equity incentive plan, which is expected to support future performance growth, with capacity expansion driving sustained performance improvement [12]. Summary by Sections Financial Performance - The company’s operating revenue for the first half of 2025 was 935 million yuan, with a year-on-year growth of 23.51%. The net profit attributable to shareholders was 98 million yuan, reflecting a year-on-year increase of 5.53%. In Q2, the revenue was 618 million yuan, up 27.73% year-on-year, while net profit decreased by 2.42% [2][6]. - The main reason for the profit growth lagging behind revenue growth is the high equity incentive expenses introduced in 2024, which are expected to decrease significantly in 2026 [12]. Market Dynamics - The company faces intensified competition, leading to a decline in gross margins. The overall gross margin for the first half of 2025 was 27.6%, down 2.0 percentage points year-on-year. The gross margin for the domestic market decreased by 3.1 percentage points to 26.4%, while the overseas business gross margin increased by 3.2 percentage points to 33.0% [12]. - The company’s equity incentive plan is expected to create positive expectations for future performance growth, with specific revenue targets set for 2024-2026 [12]. Future Outlook - The company is expected to see continuous performance improvement driven by capacity expansion. The current capacity utilization is at saturation, and as new projects gradually come online, both revenue and profit are anticipated to grow steadily. The projected net profits for 2024-2026 are 220 million yuan, 280 million yuan, and 330 million yuan, respectively [12].