Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 215 yuan, corresponding to a PE ratio of 33 times for 2025 [2][8]. Core Insights - The company reported a strong performance in its 2025 mid-year report, achieving a revenue of 1.71 billion yuan, a year-on-year increase of 23.2%, and a net profit attributable to shareholders of 340 million yuan, up 88.0% year-on-year [2][8]. - The growth was primarily driven by the electric golf cart segment, which is expected to see significant growth, particularly in North America, where the number of dealers has exceeded 230 [2][8]. - The company has entered a strategic partnership with Yushu Technology to explore new growth avenues and enhance its overseas production capabilities [2][8]. Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 1.71 billion yuan, with Q2 revenue at 1.07 billion yuan, both showing a year-on-year growth of 23.3% [2][8]. - The net profit for Q2 was 260 million yuan, reflecting a 95.3% increase year-on-year, indicating strong profitability driven by the core golf cart business [2][8]. - The company's gross margin improved by 6.6 percentage points to 41.6% in Q2, while the net profit margin increased by 8.8 percentage points to 23.8% [2][8]. Financial Projections - The company is projected to achieve total revenue of 3.91 billion yuan in 2025, with a year-on-year growth rate of 31.4% [4]. - The net profit attributable to shareholders is expected to reach 716 million yuan in 2025, with a growth rate of 66.0% [4]. - Earnings per share (EPS) are forecasted to be 6.56 yuan for 2025, increasing to 11.11 yuan by 2027 [4][8].