Waton Financial·2025-11-11 12:34Investment Rating - The investment rating for the company is "Hold" [1]. Core Views - The company is expected to maintain double-digit revenue growth over the next three years, with profit growth outpacing revenue growth. The projected P/E ratios for 2025, 2026, and 2027 are 24.17, 18.11, and 14.82 respectively, indicating a positive outlook for overall performance [3][12]. Financial Performance - In the first half of 2025, the company reported revenue of 227.25 billion RMB, a 38.2% increase from 164.39 billion RMB in the same period last year. The second quarter revenue reached 116 billion RMB, a 30.5% year-on-year growth, marking a historical high [12][13]. - The net profit for the first half of 2025 was 11.9 billion RMB, reflecting a 134.2% increase year-on-year. Adjusted net profit was 10.8 billion RMB, up 75.4% [12][13]. - The gross margin for the second quarter was 22.7%, an increase of 5.5 percentage points year-on-year, driven by higher-margin businesses and improved production efficiency [13][14]. Business Development - The "Mobile × AIoT" segment generated revenue of 94.7 billion RMB in the second quarter, a 14.8% increase, accounting for 81.6% of total revenue. The IoT and lifestyle products segment saw revenue growth of 44.7% [15][17]. - The smart electric vehicle segment reported revenue of 21.3 billion RMB with a gross margin of 26.4%, indicating simultaneous growth in scale and profitability [18]. - The company’s R&D expenditure in the first half of 2025 was 14.475 billion RMB, a 41.2% increase, focusing on smart vehicle technology and AI model development [23]. Future Development and Summary - The company has successfully implemented its "people, vehicle, home ecosystem" strategy, enhancing user data and service integration across devices. The global layout leverages "China R&D + Global Manufacturing + Regional Delivery" advantages [24].