Aier(SZ:300015) Western Securities·2025-09-23 10:05Investment Rating - The report maintains a "Buy" rating for the company [5][3]. Core Insights - The company achieved a total revenue of 11.507 billion yuan in H1 2025, representing a year-on-year growth of 9.12%. The net profit attributable to the parent company was 2.051 billion yuan, with a slight increase of 0.05%. However, the gross margin declined by 0.88 percentage points [1][5]. - The company continues to expand its overseas market presence, with significant growth in Europe and Southeast Asia. Revenue from Europe reached 1.22 billion yuan, growing by 20%, while Southeast Asia generated 206 million yuan, up by 9.83% [1][2]. - Domestic business remains robust, with notable revenue growth in various regions. The North China region reported revenue of 987 million yuan, an increase of 18.38%, while East China saw revenue of 1.862 billion yuan, up by 11.44% [2]. Financial Performance Summary - For H1 2025, the company reported a total revenue of 11.507 billion yuan, with a gross margin decrease of 0.88 percentage points. In Q2 2025, revenue was 5.481 billion yuan, reflecting a year-on-year growth of 2.47%, while net profit was 1.001 billion yuan, down by 12.97% [1][5]. - The company forecasts revenues of 23.331 billion yuan, 26.545 billion yuan, and 30.128 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 11.2%, 13.8%, and 13.5% [3][10]. - The projected net profit for the same years is 4.070 billion yuan, 4.847 billion yuan, and 5.867 billion yuan, with growth rates of 14.5%, 19.1%, and 21.0% [3][10].