【2025半年报点评/继峰股份】2025Q2业绩基本符合预期，乘用车座椅业务加速放量

Core Viewpoint - The company reported a decline in revenue for the first half of 2025, but a significant increase in net profit, indicating a potential recovery and growth in specific business segments [2][3]. Financial Performance - In the first half of 2025, the company achieved revenue of 10.523 billion yuan, a year-on-year decrease of 4.39%, while the net profit attributable to shareholders was 154 million yuan, a year-on-year increase of 189.51% [2]. - For Q2 2025, the company reported revenue of 5.486 billion yuan, down 4.08% year-on-year but up 8.91% quarter-on-quarter. The net profit for Q2 was 49 million yuan, reflecting a year-on-year increase of 45.06% but a quarter-on-quarter decline of 52.68% [2][3]. - The overall gross margin for Q2 2025 was 14.39%, showing a slight year-on-year increase of 0.02 percentage points but a decrease of 1.93 percentage points from the previous quarter [3]. Business Segments - The company’s acquisition of Grammer is progressing steadily, with ongoing management and organizational adjustments aimed at enhancing profitability. The integration efforts are expected to improve Grammer's profitability over time [5]. - The passenger car seat business has shown significant growth, with revenue reaching 1.984 billion yuan in the first half of 2025, a year-on-year increase of 121%. However, the net profit for this segment was a loss of 63 million yuan, which has slightly widened due to high R&D and upfront factory costs [3][5]. Profit Forecast and Investment Rating - The profit forecasts for the company have been adjusted for 2025-2027, with expected net profits of 521 million yuan, 984 million yuan, and 1.338 billion yuan respectively. The corresponding EPS for these years are projected to be 0.41 yuan, 0.78 yuan, and 1.05 yuan, with P/E ratios of 28.62, 15.17, and 11.16 [6]. - Given the strong growth potential in the passenger car seat business, the investment rating is maintained at "Buy" [6].