千里科技（601777）：智驾、智能座舱实现多点突破，筹划港股上市进一步提升公司国际化品牌竞争力

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [6]. Core Views - The company has shown significant growth in revenue and net profit in the first half of 2025, with revenue reaching 4.184 billion yuan, a 40% year-on-year increase, and net profit attributable to shareholders at 31 million yuan, a 19% increase [3][4]. - The company is undergoing a strategic transformation towards "AI + Vehicle," which has led to increased R&D investments, particularly in smart automotive cockpit systems [3][4]. - The company is planning to issue H shares for listing on the Hong Kong Stock Exchange, which is expected to enhance its international brand image and expand financing channels [5]. Financial Performance - The company achieved a revenue of 4.184 billion yuan in H1 2025, with a year-on-year growth of 40% driven by increased sales in automotive and motorcycle segments [3]. - The net profit attributable to shareholders was 31 million yuan, reflecting a 19% increase, although the non-recurring profit showed a decline due to increased R&D expenses and asset impairment losses [3][4]. - The company forecasts revenues of 8.763 billion yuan, 10.531 billion yuan, and 12.700 billion yuan for 2025, 2026, and 2027 respectively, with corresponding growth rates of 24.56%, 20.17%, and 20.60% [6][10]. R&D and Technological Advancements - The company has made significant progress in smart driving and intelligent cockpit technologies, launching the "Qianli Smart Driving 1.0" solution and planning future releases of advanced driving systems [4]. - The establishment of a joint venture for smart driving solutions with Geely has led to the successful integration of their systems into multiple production models [4]. Future Outlook - The company is expected to continue its growth trajectory, with net profit projections of 87 million yuan, 171 million yuan, and 239 million yuan for 2025, 2026, and 2027 respectively, indicating substantial growth potential [6][10].