Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Views - The company is expected to experience short-term performance recovery and long-term growth in its OEM share, despite facing temporary pressure on its Q2 2025 performance due to tariff disruptions [5][6] - The overseas production capacity is ramping up faster than peers, which is anticipated to support revenue recovery in the coming quarters [5][6] Financial Performance Summary - In Q1 2025, the company's revenue was 1.32 billion yuan, showing a year-on-year increase of 21.3%, while Q2 2025 revenue was 1.067 billion yuan, reflecting a modest year-on-year growth of 2.8% [5] - The net profit attributable to the parent company for Q1 2025 was 81 million yuan, down 5.0% year-on-year, and for Q2 2025, it was 30 million yuan, down 75.6% year-on-year [5] - The company has adjusted its profit forecasts for 2025-2027, now expecting net profits of 357 million, 454 million, and 551 million yuan respectively, with corresponding EPS of 0.96, 1.22, and 1.48 yuan [5][8] Business Segment Performance - In H1 2025, the revenue from the home appliance OEM business was 1.74 billion yuan, up 6.0% year-on-year, while the automotive parts revenue was 280 million yuan, up 90% year-on-year [6] - The home appliance OEM business faced challenges due to tariffs, particularly affecting orders from TTI and HOT, while SharkNinja maintained growth due to earlier capacity transfers [6] Margin Analysis - The gross margin for Q1 2025 was 15.8%, and for Q2 2025, it dropped to 12.3%, reflecting a year-on-year decline of 1.6 and 5.6 percentage points respectively [7] - The net profit margin for Q1 2025 was 8.1%, decreasing by 2.2 percentage points year-on-year, and for Q2 2025, it fell to 2.8%, down 9.0 percentage points year-on-year [7] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 18.3, 14.4, and 11.9 respectively [5][8] - The company’s total market capitalization is approximately 8.515 billion yuan, with a circulating market capitalization of the same amount [2]

当海尔美的在国内卷得头破血流时，一家贴着"洋牌子"的中国工厂，悄悄靠给老外代工赚疯了。 营收降了，利润却翻了五倍。7月4日， 惠而浦 中国甩出一份让同行眼红的成绩单。上半年净利润2.05 亿，同比暴涨559%。扣非净利润1.94亿，狂增857%。 更魔幻的是去年数据：2024年总营收36.5亿（下降8.85%）。净利润却达2.02亿（增长148%）。现金流 暴涨282%。 简单说就是：生意少了，钱反而赚更多了。好比小餐馆砍掉一半菜品，营业额少了，利润却翻翻。这波 操作让家电圈直呼看不懂。 关停国内业务，专攻海外代工。 翻开惠而浦的生意经，发现个惊人事实。海外营收占比93.85%（34.25亿）。国内营收暴跌77%（只剩 1.25亿）。前五大客户吃掉90%订单。 原来合肥工厂早变身"全球家电代工基地"。 三大狠招见真章。 1.砍亏损业务：国内线下店关掉70%，电商缩水64%。 2.死磕大客户：给沃尔玛做定制冰箱，单款订单过亿。 3.产线大改造：一条流水线切换三种产品（冰箱/洗碗机/洗衣机）。 车间老师傅说得实在："现在机器24小时不停，做的全是出口货，贴牌比卖自家牌子赚钱多了！" 机器人上阵，刀刀见钱开？ 利润 ...