Haoneng(SH:603809) 汽车琰究·2025-08-31 15:05Event Overview - The company released its 2025 semi-annual report, showing a revenue of 1.253 billion yuan for H1 2025, a year-on-year increase of 10.30%. The net profit attributable to shareholders was 184 million yuan, up 13.45% year-on-year, while the net profit excluding non-recurring items was 172 million yuan, an increase of 10.54% year-on-year. In Q2 2025, revenue was 634 million yuan, a year-on-year increase of 7.43% and a quarter-on-quarter increase of 2.34%. However, the net profit attributable to shareholders was 80 million yuan, down 3.01% year-on-year and down 23.34% quarter-on-quarter, with the net profit excluding non-recurring items at 69 million yuan, down 10.43% year-on-year and down 32.45% quarter-on-quarter [2]. Revenue and Profitability - In Q2 2025, the revenue was 634 million yuan, reflecting a year-on-year growth of 7.43% and a quarter-on-quarter growth of 2.34%. The revenue growth was driven by significant increases in the sales of differential gears and aerospace components [3]. - The Q2 2025 net profit attributable to shareholders was 80 million yuan, which represented a year-on-year decrease of 3.01% and a quarter-on-quarter decrease of 23.34%. The net profit excluding non-recurring items was 69 million yuan, down 10.43% year-on-year and down 32.45% quarter-on-quarter. The gross margin for Q2 2025 was 32.11%, a slight increase of 0.09 percentage points year-on-year but a decrease of 0.03 percentage points quarter-on-quarter. The net profit margin was 12.59%, down 1.36 percentage points year-on-year and down 4.22 percentage points quarter-on-quarter, primarily due to increased management and R&D expense ratios [3]. Cost Structure - In Q2 2025, the expense ratios for sales, management, R&D, and financial costs were 0.65%, 6.80%, 6.76%, and 2.21%, respectively. Year-on-year changes were -0.03, +2.57, +0.45, and -1.84 percentage points, while quarter-on-quarter changes were -0.13, +1.44, +1.49, and -0.28 percentage points. The increase in management expense ratio was mainly due to higher employee compensation and relocation costs for Chongqing Haoneng, while the increase in R&D expense ratio was attributed to advancements in technology research and product planning [3]. Strategic Initiatives - The company is accelerating its layout in the robot reducer sector, aiming to establish a second growth curve. In September 2024, the company signed an agreement with the People's Government of Bishan District, Chongqing, to jointly create a robot industry ecosystem, with a total investment of 1 billion yuan for the first phase. This initiative focuses on producing planetary reducers for new energy vehicles and high-precision industrial planetary reducers. The company is actively developing high-precision reducers and has established partnerships in various fields, including humanoid robots and exoskeletons [4]. - The aerospace components segment is experiencing rapid growth, with the company achieving a revenue of 167 million yuan in H1 2025, a year-on-year increase of 32.21%. The company is well-positioned to benefit from the increasing orders in the civil aviation sector, such as the C919 aircraft. An investment of 300 million yuan is being made to build an intelligent manufacturing center for aerospace components, which is progressing smoothly [5]. Financial Projections - The company is a leader in synchronizers, with a comprehensive product matrix for differential gears and an accelerated layout in robot reducers. Revenue projections for 2025-2027 are 2.808 billion yuan, 3.376 billion yuan, and 3.883 billion yuan, respectively. The net profit attributable to shareholders is projected to be 383 million yuan, 533 million yuan, and 676 million yuan for the same period, with corresponding EPS of 0.45 yuan, 0.62 yuan, and 0.79 yuan. The PE ratios are expected to be 34, 25, and 20 times, respectively, based on the closing price of 15.34 yuan per share on August 29, 2025 [6][7].