SONAVOX(SH:688533) 汽车琰究·2025-08-30 14:56Event Overview - The company released its 2025 semi-annual report, showing a revenue of 1.367 billion yuan for H1 2025, a year-on-year increase of 10.35%. The net profit attributable to shareholders was 85 million yuan, down 23.96% year-on-year, while the net profit excluding non-recurring items was 79 million yuan, down 11.11% year-on-year. In Q2 2025, revenue reached 731 million yuan, up 14.03% year-on-year and 14.85% quarter-on-quarter. The net profit attributable to shareholders was 57 million yuan, up 8.34% year-on-year and 110.40% quarter-on-quarter, with a net profit excluding non-recurring items of 55 million yuan, up 17.57% year-on-year and 129.59% quarter-on-quarter [2]. Revenue and Profitability - Revenue showed steady growth with Q2 2025 revenue at 731 million yuan, reflecting a year-on-year increase of 14.03% and a quarter-on-quarter increase of 14.85%. Major clients such as Li Auto, NIO, and Seres saw respective sales growth of 2.30%, 25.59%, and 7.96% year-on-year, and significant quarter-on-quarter increases of 19.61%, 71.18%, and 121.67%, driving the company's revenue growth [3]. - Profitability remained robust with Q2 2025 net profit attributable to shareholders at 57 million yuan, up 8.34% year-on-year and 110.40% quarter-on-quarter. The net profit excluding non-recurring items was 55 million yuan, up 17.57% year-on-year and 129.59% quarter-on-quarter. The gross margin for Q2 2025 was 19.95%, down 4.95 percentage points year-on-year and 0.68 percentage points quarter-on-quarter, while the net profit margin was 7.87%, down 0.41 percentage points year-on-year but up 3.57 percentage points quarter-on-quarter. Increased price competition in the domestic vehicle market and the ramp-up phase of new factory operations contributed to the pressure on gross margins [3]. - On the expense side, the expense ratios for sales, management, R&D, and financial costs in Q2 2025 were 1.20%, 6.68%, 5.40%, and -3.05%, respectively, showing year-on-year changes of +0.57, -0.76, -0.30, and -3.35 percentage points, and quarter-on-quarter changes of +0.38, -1.17, -1.70, and -2.46 percentage points. The financial expense ratio saw a significant decline year-on-year, primarily due to the appreciation of the euro, resulting in substantial foreign exchange gains [3]. Technological Advancements - The company is deepening its layout in pure digital audio technology, constructing a three-dimensional technical system of self-developed chips, intelligent algorithms, and automotive-grade verification. The company is advancing the commercialization of its panoramic sound field solution for smart cockpits. In H1 2025, the company launched an AI panoramic sound system featuring innovative patented products, including diamond tweeters, ribbon tweeters, series carbon fiber speakers, and array headrest speakers, achieving a configuration of 53 speakers and a 4000W amplifier, combined with 720° panoramic sound field reconstruction technology, providing customers with a cinema-level sound experience, marking a leading position in the automotive acoustics product field [4]. Manufacturing and Production Capacity - To address the risks of trade de-globalization and to keep pace with the acceleration of Chinese automakers going global, the company is advancing the automation of production line renovations and new product line construction in its Czech and Mexican facilities, enhancing delivery capabilities for overseas projects. The new factory in Hefei is set to commence production by the end of 2024, with capacity gradually ramping up. The speaker production line at the Suzhou headquarters is planned for technological upgrades to enhance the company's intelligent manufacturing capabilities [5]. Financial Projections - The company is expected to benefit continuously from the trends of electrification and intelligence in the automotive sector, as well as changes in procurement systems. Revenue projections for 2025-2027 are 3.256 billion yuan, 3.844 billion yuan, and 4.373 billion yuan, with net profits attributable to shareholders of 246 million yuan, 363 million yuan, and 463 million yuan, respectively. The earnings per share (EPS) are projected to be 1.51 yuan, 2.23 yuan, and 2.84 yuan, corresponding to price-to-earnings (PE) ratios of 19, 13, and 10 times, respectively, maintaining a "recommended" rating [6][8].