万安科技（002590）：上半年营收稳健增长，AEBS法规推进公司有望充分受益

Investment Rating - The report assigns an "Accumulate-A" rating for Wan'an Technology (002590.SZ) [1] Core Views - The company achieved a revenue of 2.165 billion yuan in the first half of 2025, representing a year-on-year growth of 14.91%. However, the net profit attributable to the parent company decreased by 2.13% to 85.18 million yuan [2][3] - The company is expected to benefit significantly from the implementation of AEBS regulations, which will enhance its market position in the automotive parts industry [5] - The company is actively expanding its overseas presence and has made progress in its fundraising projects, which will support future growth [4] Financial Performance - In the first half of 2025, the revenue from the air brake system was 602 million yuan, down 1.47% year-on-year, while the hydraulic brake system revenue increased by 34.99% to 552 million yuan. The subframe product revenue grew by 19.72% to 738 million yuan [3] - The gross margin for the first half of 2025 was 16.08%, a decrease of 2.05 percentage points year-on-year, and the net margin was 4.02%, down 0.62 percentage points [3] - The company expects revenue for 2025-2027 to be 4.982 billion, 5.735 billion, and 6.625 billion yuan, respectively, with net profits of 232 million, 275 million, and 343 million yuan [9] Market Position and Strategy - The company is positioned in the core area of intelligent chassis and is expanding from braking systems to the entire chassis field, creating a competitive advantage through technology accumulation and customer resources [9] - The company has established joint ventures in Mexico and Morocco to enhance its global supply chain capabilities and expand its market reach [4]