GUILIN FUDA (SH:603166) 东吴汽车黄细里团队·2025-08-13 12:25Core Viewpoint - The company reported strong financial performance for the first half of 2025, driven by the growth in new energy crankshafts and the divestment of a joint venture, indicating a positive outlook for future growth in the new energy and robotics sectors [3][7][10]. Financial Performance - In H1 2025, the company achieved revenue of 937 million yuan, a year-on-year increase of 30.3%, and a net profit attributable to shareholders of 146 million yuan, up 98.8% year-on-year [3]. - The Q2 2025 revenue was 466 million yuan, with a year-on-year increase of 16.83% and a quarter-on-quarter decrease of 1.14% [3]. - The net profit for Q2 2025 was 81 million yuan, reflecting a year-on-year increase of 93.28% and a quarter-on-quarter increase of 24.54% [3]. Profitability - The net profit margin for H1 2025 was 15.6%, an increase of 5.4 percentage points year-on-year, while the gross margin was 27.80%, up 3.76 percentage points year-on-year [4]. - In Q2 2025, the net profit margin was 17.41%, with year-on-year and quarter-on-quarter increases of 6.89 percentage points and 3.59 percentage points, respectively [4]. Expense Ratios - The expense ratio for H1 2025 was 12.0%, a decrease of 2.30 percentage points year-on-year [5]. - The breakdown of expense ratios included sales at 1.0%, management at 4.5%, financial at 0.8%, and R&D at 5.7%, all showing year-on-year decreases [6]. Growth Drivers - The growth in H1 2025 was attributed to the production and sales of hybrid vehicles, with production and sales volumes of 2.479 million and 2.521 million units, respectively, representing year-on-year increases of 28% and 31.1% [7]. - The company delivered five samples of hybrid crankshafts and achieved mass production of six new products in the hybrid crankshaft category [7]. - The divestment of a 50% stake in a joint venture is expected to have a positive impact on the company's financial results for 2025 [7]. New Product Development - The company is entering a production phase for six new products in H2 2025, having secured new project approvals from major clients [8]. - The establishment of a high-precision production line for planetary gear reducers is expected to enhance production capacity significantly [9]. Future Projections - The company maintains profit forecasts of 301 million yuan, 385 million yuan, and 460 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.47, 0.60, and 0.71 yuan per share [10]. - The current market valuation corresponds to PE ratios of 38, 30, and 25 times for 2025, 2026, and 2027, respectively, indicating a favorable investment outlook [10].