Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 2.52 billion yuan in H1 2025, representing a year-on-year increase of 20.1%, with a net profit attributable to shareholders of 290 million yuan, up 15.7% year-on-year [1] - In Q2 2025, the company reported a revenue of 1.24 billion yuan, with a year-on-year increase of 19.1% but a quarter-on-quarter decrease of 3.7%. The net profit attributable to shareholders was 130 million yuan, down 25.1% year-on-year and 19.8% quarter-on-quarter [1] - Excluding one-time compensation from H1 2024, the company's Q2 2025 net profit attributable to shareholders, excluding non-recurring items, was 110 million yuan, reflecting a year-on-year increase of 33.1% but a quarter-on-quarter decrease of 13.8% [1] - The company's gross margin in Q2 2025 was 19.8%, a decrease of 1.8 percentage points quarter-on-quarter, primarily due to the increased proportion of electric drive business [1] Business Segments Summary - In H1 2025, the revenue from interior and exterior trim and electromechanical components was 1.34 billion yuan, up 11.0% year-on-year; wheel hub bearings revenue was 620 million yuan, up 2.3% year-on-year; and the new energy electric drive business revenue was 440 million yuan, up 93.8% year-on-year [1] - The company has established three high-end wheel hub bearing production lines in its Thailand factory, achieving localized production and obtaining necessary certifications [2] - The company is accelerating the rollout of its screw rod business, with several products in the sampling and verification stages for major domestic new energy vehicle manufacturers [2] Financial Forecast and Valuation - The company is expected to achieve net profits attributable to shareholders of 520 million yuan, 650 million yuan, and 760 million yuan for the years 2025, 2026, and 2027, respectively, corresponding to price-to-earnings ratios of 52, 42, and 36 times [3] - The projected revenue for 2025 is 5.755 billion yuan, with a year-on-year growth rate of 17.2% [4]