Investment Rating - The investment rating for the company is "Outperform the Market" [5][24]. Core Views - The company has shown a steady increase in market share in the power battery sector, with significant growth in commercial vehicle markets and a notable improvement in profitability [2][3]. - The company's revenue for the first half of 2025 reached 164.19 billion CNY, a year-on-year increase of 32%, while the net profit attributable to shareholders was 4.66 billion CNY, up 87% year-on-year [1][3]. - The company is ranked fourth globally and third domestically in power battery shipments, with a record market share of 8.25% in the passenger vehicle segment as of July 2025 [2][3]. Financial Performance - In the first half of 2025, the company achieved a gross margin of 17.53%, an increase of 1.91 percentage points year-on-year, and a net margin of 4.59%, up 1.24 percentage points year-on-year [1]. - The company's energy storage system products and other businesses generated revenue of 57.57 billion CNY in the first half of 2025, reflecting a 110% year-on-year growth [3]. - The forecasted net profit for the company from 2025 to 2027 is expected to be 13.76 billion CNY, 21.18 billion CNY, and 30.28 billion CNY, representing year-on-year growth rates of 133%, 54%, and 43% respectively [3][4]. Market Expansion and Strategic Partnerships - The company has established deep collaborations with leading domestic and international firms such as Volkswagen, Hyundai, Toyota, and others, enhancing its product offerings [2]. - The company is expanding its global footprint with new production bases in Thailand and Europe, which will improve its international delivery efficiency [3]. - Strategic partnerships with domestic clients like State Power Investment Corporation and China Nuclear Energy are being deepened to support rapid business growth [3].
中创新航（03931）：动储电池市场份额稳步提升，盈利能力持续改善