Xinquan Automotive Trim(SH:603179) 东吴汽车黄细里团队·2025-09-03 12:04Core Viewpoint - The company reported its 2025 semi-annual results, showing a revenue of 7.459 billion yuan, a year-on-year increase of 21.01%, and a net profit attributable to shareholders of 422 million yuan, a year-on-year increase of 2.80% [3]. Revenue and Profit Analysis - In Q2 2025, the company achieved a revenue of 3.940 billion yuan, a year-on-year increase of 26.41% and a quarter-on-quarter increase of 11.97%. The net profit attributable to shareholders for Q2 2025 was 209 million yuan, a year-on-year increase of 1.19% but a quarter-on-quarter decrease of 2.02% [3][4]. - The Q2 2025 gross margin was 16.84%, a decrease of 2.66 percentage points from the previous quarter, primarily due to price reductions from downstream customers [4]. Customer Performance - Major customers' performance in Q2 2025 included Tesla with global deliveries of 384,100 units (up 14.32% quarter-on-quarter), Geely with wholesale of 703,900 units (essentially flat), Chery with wholesale of 613,800 units (up 2.28%), and Li Auto with wholesale of 111,100 units (up 19.59%) [4]. Cost and Expense Management - The company reported a period expense ratio of 9.98% in Q2 2025, a decrease of 2.67 percentage points quarter-on-quarter. The breakdown of expenses included sales at 0.62%, management at 5.10%, R&D at 4.33%, and financial expenses at -0.07% [4]. Product Development and Global Strategy - The company has a competitive advantage in cost control and service response for dashboard and door panel products, with deep ties to quality customers like Geely, Chery, and international electric vehicle companies. The market share of these products continues to rise [5][6]. - The company is expanding into new product categories, including exterior parts and seats, which is expected to enhance the per-vehicle value [6]. - The company is advancing its globalization strategy with operations in Mexico, Slovakia, Germany, and the United States, aiming to become a leading global automotive trim supplier [6]. Profit Forecast and Investment Rating - The profit forecast for 2025-2027 has been adjusted to 1.088 billion yuan, 1.350 billion yuan, and 1.663 billion yuan, respectively, with corresponding EPS of 2.23 yuan, 2.77 yuan, and 3.41 yuan. The P/E ratios are projected to be 22.37x, 18.03x, and 14.63x [7]. - The company is maintaining a "buy" rating due to its position as a leading domestic interior parts supplier and its accelerated global development [7].