东吴汽车黄细里团队·2025-08-27 13:23Core Viewpoint - The company reported a decline in revenue and net profit for Q2 2025, but showed signs of recovery in gross margin and specific market segments, particularly in China and Europe, while facing challenges in the North American market [2][3][5]. Financial Performance - In Q2 2025, the company achieved revenue of 5.16 billion yuan, with a year-on-year decline of 24.8% in net profit, totaling 224 million yuan [2]. - The gross margin improved to 15.7%, with a quarter-on-quarter increase of 1.1 percentage points [3]. - The sales, general, and administrative expense ratios were 2.6%, 4.2%, and 2.5%, showing mixed trends in year-on-year and quarter-on-quarter comparisons [3]. Market Segmentation - In H1 2025, the company generated 6.92 billion yuan in revenue from semi-trailers, with notable growth in the Chinese market, where sales increased by 10% year-on-year [4]. - The Southern market also saw a 13% increase in sales, while the European market reported an 8.7% increase in revenue [4][5]. - North America faced a 14% decline in semi-trailer sales, attributed to tariffs and trade investigations, but a weak recovery is anticipated in H2 2025 [5]. Product Development - The EVDTB business segment reported significant growth, with revenue of 870 million yuan and a total of 12,000 units sold, including a 142.5% increase in dump truck sales [6]. - New energy products accounted for 38% of total sales, indicating a strong market position in this segment [6]. Profit Forecast and Investment Rating - The profit forecasts for 2025 and 2026 have been revised down to 1.091 billion yuan and 1.503 billion yuan, respectively, due to ongoing challenges in the North American market [7]. - The company is expected to maintain a high dividend yield and is rated as a "buy" due to its leading market position and potential recovery in sales and profits in 2025 and 2026 [7].