Yonggui(SZ:300351) Shanxi Securities·2025-09-09 09:16Investment Rating - The investment rating for the company is "Accumulate-A" [1] Core Views - The company reported a revenue of 1.027 billion yuan in H1 2025, representing a year-on-year increase of 20.65%. However, the net profit attributable to shareholders decreased by 24.90% to 55.76 million yuan due to several factors including lower gross margins in the automotive and energy information sectors, increased financial expenses from convertible bond issuance, and impairment losses [4][5] - The company is actively pursuing cost reduction and efficiency improvement measures to enhance profitability, with expectations of gradual recovery in profit margins as order fulfillment increases and production capacity utilization improves [5][6] - The company is making significant advancements in the electric vehicle charging technology sector, focusing on high-power charging solutions to meet the demands of commercial vehicles [6] - The company is strategically positioning itself in emerging fields such as embodied intelligence and low-altitude economy, with substantial investments in R&D and a growing patent portfolio [6] Financial Performance Summary - For H1 2025, the company achieved a revenue of 1.027 billion yuan, with a gross margin of 25.94% and a net margin of 6.16%, both showing a decline compared to the previous year [5] - The company expects revenues of 2.429 billion yuan, 2.902 billion yuan, and 3.463 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 102 million yuan, 117 million yuan, and 148 million yuan [8][10] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.26 yuan, 0.30 yuan, and 0.38 yuan, with price-to-earnings (P/E) ratios of 66, 58, and 46 respectively [8][10] Market Data Summary - As of September 9, 2025, the closing price of the company's stock was 17.25 yuan, with a year-to-date high of 21.25 yuan and a low of 13.16 yuan [3] - The circulating A-shares amount to 262 million out of a total share capital of 388 million, resulting in a market capitalization of 6.691 billion yuan [3]