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【2025中报点评/华阳集团】25Q2毛利率环比提升,业绩符合预期

Core Viewpoint - The company is expected to maintain strong revenue and profit growth driven by its dual business model, with significant contributions from both automotive electronics and precision die-casting segments [4][7]. Financial Performance - In 2025 Q2, the company achieved revenue of 2.822 billion yuan, representing a year-on-year increase of 28.52% and a quarter-on-quarter increase of 19.57% [3]. - The net profit attributable to the parent company for the same period was 186 million yuan, with a year-on-year growth of 28.52% [3]. - The gross margin for Q2 2025 was 19.50%, showing a quarter-on-quarter improvement of 1.32 percentage points but a year-on-year decline of 1.76 percentage points [5]. Business Segments - The automotive electronics segment generated revenue of 3.788 billion yuan in H1 2025, up 23.36% year-on-year, while the precision die-casting segment saw revenue of 1.292 billion yuan, a significant increase of 41.35% year-on-year [4]. - The decline in gross margin for automotive electronics was attributed to increased competition and slower growth in high-margin HUD business [5]. Cost Management - Total expenses for Q2 2025 were 344 million yuan, up 18.34% year-on-year, with R&D expenses increasing by 22.11% to support the company's smart technology strategy [6]. - The company demonstrated effective cost control, with a decrease in the expense ratio to 12.19%, down 1.68 percentage points year-on-year [6]. Future Outlook - The company is expected to continue its growth trajectory, with revenue forecasts for 2025-2027 set at 12.699 billion yuan, 15.556 billion yuan, and 18.714 billion yuan, respectively, reflecting year-on-year growth rates of 25%, 23%, and 20% [8]. - The net profit forecasts for the same period are 898.57 million yuan, 1.13019 billion yuan, and 1.40437 billion yuan, with corresponding growth rates of 38%, 26%, and 24% [8].