森麒麟（002984）：Q2业绩有所承压，摩洛哥项目持续放量

Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Views - The company reported a slight increase in revenue for the first half of 2025, achieving 4.12 billion yuan, a year-on-year increase of 0.2%, but net profit decreased significantly by 37.6% to 670 million yuan [6][12]. - The second quarter of 2025 saw a revenue of 2.06 billion yuan, up 3.4% year-on-year, but net profit fell by 45.8% to 310 million yuan [6][12]. - The Moroccan project is expected to ramp up production in the second half of 2025, with the first phase already operational since September 30, 2024, aiming for an annual output of 12 million high-performance passenger car tires [12][12]. - The company is expanding its international production capacity, with significant developments in its Thailand factory and the Moroccan project, which are crucial for enhancing brand strength and optimizing sales layout [12][12]. - The report forecasts net profits for 2025, 2026, and 2027 to be 1.67 billion yuan, 2.24 billion yuan, and 2.66 billion yuan, respectively [12][12]. Financial Performance Summary - In the first half of 2025, the company produced 15.57 million tires, a decrease of 3.2% year-on-year, with a notable drop in semi-steel tire production [12]. - The overall gross margin for the first half of 2025 was 24.6%, down 8.6 percentage points year-on-year, attributed to rising raw material prices and increased overseas trade tariffs [12][12]. - The company’s sales volume in Q2 2025 increased by 1.6% year-on-year, with semi-steel tire sales rising by 0.6% and full-steel tire sales increasing by 34.0% [12][12].