即便有如此佳绩和投资，也依然无法改变福特裁员的决定，而这主要还是和其全球战略调整密切相关。近年来，福特汽车正在全球范围内推进电动化转型， 2021年就曾在美国通过自愿离职买断计划裁员近1000名员工。今年上半年，福特营收达908亿美元，与去年同期基本持平，但净利润仅为4亿美元，远低于去 年同期的32亿美元。公司表示，由于特朗普政府推行的关税政策影响，今年利润将大幅下跌，调整后的息税前利润可能同比下降多达36%，其中关税影响高 达20亿美元。 而南非自身也在全球汽车产业电动化与智能化浪潮中面临着诸多挑战，本地销量低迷、进口车辆涌入、对美出口暴跌，加之经济压力和政策不确定性，行业 竞争力持续下滑。数据显示，过去两年内，南非已有12家汽车相关企业关闭，超过4000个工作岗位流失。此次福特裁员，既是市场压力下的无奈之举，也是 行业转型的必然阵痛。 无论其他市场如何，中国市场始终是福特稳定的"利润奶牛"。目前其在中国市场已连续8个季度盈利，上半年的出口业务销量和利润均实现同比增长。未 来，福特必定还会将更多精力投放于此，让中国成为其稳定的"压舱石"。 近日，福特南非公司宣布，为应对市场需求变化、优化生产结构，计划在南非 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported lower-than-expected performance in the first half of 2025, with total revenue of 3.95 billion yuan, a year-on-year increase of 24.1%, and a net profit attributable to shareholders of 135 million yuan, a year-on-year decrease of 9.2% [7] - The company is expected to see a performance turning point in Q3 2025, driven by stable growth in core businesses and strong momentum in new businesses [7] - The gross margin for the first half of 2025 was 21.8%, down 5.37 percentage points year-on-year, primarily due to external pressures from main engine manufacturers and increased shipping costs [7] Financial Forecasts - Revenue forecasts for 2025-2027 have been adjusted to 8.7 billion, 10.3 billion, and 12.5 billion yuan respectively, with year-on-year growth rates of 24%, 18%, and 22% [7] - Net profit forecasts for the same period have been revised to 410 million, 570 million, and 750 million yuan, with year-on-year growth rates of 35%, 41%, and 31% [7] - The latest diluted EPS for 2025 is projected to be 1.91 yuan, with corresponding P/E ratios of 20, 14, and 11 for 2025-2027 [1][7]