RAYHOO MOTOR DIES(SZ:002997) 东吴汽车黄细里团队·2025-07-23 05:36Core Viewpoint - The company is experiencing significant revenue and profit growth, driven by strong demand in the automotive parts sector and successful expansion initiatives, including the issuance of convertible bonds for capacity enhancement [3][4][7]. Financial Performance - Total revenue for 2025H1 reached 1.662 billion, a year-on-year increase of 48.30% - Net profit attributable to the parent company for 2025H1 was 227 million, up 40.33% year-on-year - Operating cash flow for 2025H1 was 213.5 million, a substantial increase of 836.89% year-on-year, primarily due to increased sales collections [3]. Product Segmentation - Revenue from mold inspection tools and automated production lines in 2025H1 was 1.183 billion, a year-on-year increase of 41.89%, with a gross margin of 30.72%, up 2.33 percentage points - Revenue from automotive parts and accessories in 2025H1 was 438 million, a year-on-year increase of 69.98%, with a gross margin of 9.90%, up 0.60 percentage points [3]. Profitability Metrics - The net profit margin for 2025H1 was 13.65%, down 0.78 percentage points year-on-year - The gross margin for 2025H1 was 25.74%, an increase of 1.60 percentage points year-on-year - The operating expense ratio for 2025H1 was 8.33%, down 2.60 percentage points year-on-year [3]. Order Backlog and Expansion Plans - The company has a robust order backlog in the automotive manufacturing equipment sector, with orders totaling 4.38 billion as of 2025H1, a 13.59% increase from the end of the previous year - The company plans to issue 880 million in convertible bonds to accelerate the development and industrialization of lightweight components for new energy vehicles and smart manufacturing solutions [4]. Production Capacity and Growth - The lightweight component manufacturing project, funded through convertible bonds, was completed in June 2025, with five models of aluminum alloy integrated die-casting body structure components and six models of aluminum precision casting components entering mass production [5]. Earnings Forecast and Valuation - The company maintains a forecast for net profit attributable to the parent company of 4.50 billion, 5.70 billion, and 7.13 billion for 2025-2027, with corresponding EPS of 2.15, 2.72, and 3.41 - The projected P/E ratios for 2025-2027 are 19, 15, and 12 respectively, indicating a favorable valuation outlook [7].