LSKJ(SZ:300680) 汽车琰究·2025-08-31 15:05Core Viewpoint - The company reported a revenue of 1.224 billion yuan for H1 2025, representing a year-on-year increase of 15.44%, while the net profit attributable to shareholders was 105 million yuan, up 1.38% year-on-year [2] Revenue and Profit Analysis - In Q2 2025, the company achieved a revenue of 618 million yuan, a year-on-year increase of 25.03% and a quarter-on-quarter increase of 2.06% [2] - The net profit attributable to shareholders for Q2 2025 was 46 million yuan, down 9.04% year-on-year and down 21.49% quarter-on-quarter [3] - The gross profit margin for Q2 2025 was 18.01%, a decrease of 1.46 percentage points year-on-year, primarily due to changes in accounting standards and adjustments in sales expenses [3] Business Growth and Cost Management - The EGR (Exhaust Gas Recirculation) business experienced rapid growth, driven by the strong performance of leading domestic car manufacturers and breakthroughs in heavy-duty truck EGR systems [3] - The company’s sales, management, R&D, and financial expense ratios for Q2 2025 were 0.42%, 3.88%, 3.62%, and 1.56% respectively, with notable changes attributed to accounting adjustments and increased costs [3] Production and Technological Advancements - The company is accelerating its production line upgrades, particularly in the electric motor core components, which significantly enhance product value and competitiveness [4] - The establishment of a dual-path approach in "core components + complete machine R&D" is underway, focusing on both robot assembly and breakthroughs in key components like harmonic reducers [5] Investment Outlook - The company maintains a solid position as a leader in the EGR market, with a three-dimensional growth strategy encompassing traditional business, new energy initiatives, and international expansion [6] - Revenue projections for 2025-2027 are estimated at 2.898 billion yuan, 3.648 billion yuan, and 4.523 billion yuan respectively, with net profits expected to reach 253 million yuan, 339 million yuan, and 478 million yuan [8]