Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved total revenue of 716 million yuan in the first half of 2025, representing a year-on-year growth of 2.73%, and a net profit attributable to shareholders of 148 million yuan, up 3.30% year-on-year [7] - The gross margin for the automotive business increased to 33.62%, up 0.92 percentage points year-on-year, while both the selling expense ratio and management expense ratio decreased [7] - The company is accelerating the construction of its subsidiary in Thailand, aiming to enhance its international competitiveness [7] - The forecasted net profits for 2025-2027 are 355 million yuan, 458 million yuan, and 550 million yuan respectively, with corresponding PE ratios of 38.3, 29.6, and 24.7 [7] Financial Performance - Revenue projections for the company are as follows: 1,343 million yuan in 2023, 1,357 million yuan in 2024, 1,825 million yuan in 2025, 2,372 million yuan in 2026, and 2,983 million yuan in 2027, with a revenue growth rate of 22.4% in 2023 and 34.5% in 2025 [6][8] - The net profit attributable to shareholders is projected to grow from 264 million yuan in 2023 to 550 million yuan in 2027, with a net profit growth rate of 15.1% in 2023 and 22.9% in 2025 [6][8] - The company's EPS is expected to increase from 0.55 yuan in 2023 to 1.10 yuan in 2027 [6][8] Cost and Efficiency - The company's R&D expense ratio is 4.41%, which has increased by 0.43 percentage points year-on-year, indicating a commitment to enhancing research and development [7] - The selling expense ratio is 0.49%, down 0.05 percentage points year-on-year, and the management expense ratio is 8.43%, down 0.41 percentage points year-on-year [7] Market Performance - The company's stock has shown a performance of -16% over the last 12 months compared to the Shanghai Composite Index, which has increased by 17% [4]

Group 1 - The company reported a total revenue of 1.357 billion yuan for 2024, representing a year-on-year growth of 1.03%, and a net profit attributable to shareholders of 289 million yuan, up 9.58% year-on-year [1] - In Q1 2025, the company achieved total revenue of 350 million yuan, with a year-on-year increase of 1.89%, and a net profit attributable to shareholders of 69 million yuan, growing 0.23% year-on-year [1] - The gross profit margin improved year-on-year, with a gross profit margin of 33.68% for 2024, an increase of 0.31 percentage points, while the domestic gross profit margin was 33.80%, up 0.66 percentage points [1] Group 2 - The company is accelerating investment in Thailand, establishing a new facility to expand existing capacity and enhance international competitiveness [2] - The establishment of "Beiyonghua New Technology Co., Ltd." in Thailand is a key part of the company's overseas capacity layout, with construction currently underway [2] - The company’s subsidiary, Yuhua Precision Machinery, is making significant progress in the fields of new energy vehicles and humanoid robots, with successful initial customer samples for the EMB braking system ball screw assembly [2] Group 3 - The company is expected to achieve net profits attributable to shareholders of 381 million yuan, 496 million yuan, and 601 million yuan for the years 2025 to 2027, respectively [3] - Corresponding P/E ratios are projected to be 35.43, 27.24, and 22.47 for the years 2025 to 2027 [4]