研发费用大幅增加，投资收益回落影响业绩释放。从费用端看，2025 年H1公司销售/管理/研发/财务费 用分别为0.10/0.82/2.16/4.06 亿元，同比分别变化-7.43%/+0.70%/+169.24%/-5.36%，其中研发费用大幅 增加，导致公司整体期间费用有所增长。此外，2025 年H1 公司投资净收益为4.98 亿元，同比减少1.87 亿元，我们推测或系受电力业务量价双降影响，参股公司的投资收益有下降压力。 盈利预测与估值：我们预计公司2025-2027 年分别实现归母净利润22.03/23.63/25.13 亿元，同比分别变 化+6.75%/+7.29%/+6.32%， 2025 年8 月27 日股价对应PE 为7.52/7.01/6.59 倍。维持"推荐"评级。 风险提示：煤价大幅波动风险；下游用电需求不及预期风险；在建项目投产进度不及预期风险。 事件：公司发布2025 年半年度报告，2025 年H1 公司实现营业收入131.85亿元，同比-5.83%；实现归母 净利润10.82 亿元，同比+1.05%。其中，2025年Q2 公司实现营业收入67.66 亿元，同比-3.57%；实现归 母 ...

Investment Rating - The report maintains a "Buy" rating for both Sailun Tire and Senqilin, with target prices of 16.44 and 26.91 respectively [9][28]. Core Insights - The tire industry is approaching a turning point due to tariff digestion and cost improvements, with Chinese tire companies expected to expand their market share despite current tariff challenges [1]. - Raw material costs have significantly decreased, with the price index for semi-steel and all-steel tires dropping by 15% and 14% respectively as of June 6, 2025, indicating a recovery in profitability for the tire industry expected by Q3 2025 [2]. - Demand for semi-steel tires in North America and Europe remains strong, with a year-on-year growth of 3% and 5% respectively in early 2025, enhancing the competitiveness of Chinese products in these markets [3]. - Leading companies are actively expanding their overseas presence, with Sailun Tire increasing its brand investment and establishing production facilities in Indonesia and Mexico, while Senqilin is set to ramp up production in Morocco [4]. Summary by Sections Tariff and Cost Dynamics - Tariff impacts are gradually being absorbed, allowing Chinese tire companies to leverage their cost advantages and enhance market penetration [1]. - The cost pressure from raw materials has eased significantly, with expectations of improved profitability in the upcoming quarters [2]. Market Demand and Competitiveness - The semi-steel tire demand in North America and Europe continues to grow, with a notable increase in imports from China [3]. - Chinese tire manufacturers are positioned to benefit from their competitive pricing and quality, leading to increased market share in international markets [3]. Company Recommendations - Sailun Tire is recommended due to its strong brand development and successful overseas production initiatives, with a projected revenue growth of 22% year-on-year [32]. - Senqilin is also recommended for its high-end product positioning and expected production ramp-up in Morocco, contributing to its market share growth [32].

Core Insights - Lantu Automotive aims to achieve a sales target of 200,000 units for the year, with a strong focus on the second half of the year for new product launches [2][7] - The Lantu FREE+ is positioned as a key product, with expectations to sell 20,000 units monthly upon its launch [4][7] - The company emphasizes the importance of user feedback in product development, which is seen as a confidence booster for sales [2][4] Group 1: Sales and Production Goals - Lantu Automotive's cumulative sales from January to April reached approximately 36,000 units, with a year-on-year increase of 77% [2][7] - The company is confident in meeting its annual sales target, attributing much of the expected sales to new product deliveries in the latter half of the year [2][7] - The Lantu FREE+ is set to begin pre-sales in June and officially launch in July, with high expectations for its market performance [4][7] Group 2: Product Features and Innovations - The Lantu FREE+ features significant investments exceeding 500 million, resulting in 1,366 optimized product functions and 82 class-leading features [4] - The vehicle is equipped with Huawei's advanced driving system and the HarmonyOS 5, enhancing comfort and smart features [4] - Interior design focuses on user comfort, with high-quality materials and advanced seating options that aim to provide a first-class experience [4][6] Group 3: Market Strategy and Pricing - Lantu Automotive is committed to avoiding price wars and emphasizes rational competition based on technology and innovation [8] - The company is currently deliberating on the pricing strategy for the FREE+, aiming to balance profitability with user affordability [8][9] - Marketing efforts will focus on expanding service networks and enhancing brand value to improve customer engagement [7]