2025 年 8 月 27 日 公司研究 Q2 盈利能力提升，海外布局有望起量 ——威迈斯（688612.SH）2025 年半年报点评 要点 风险提示：直流充电技术替代风险、下游需求不及预期。 公司盈利预测与估值简表 | 指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 5,523 | 6,372 | 7,327 | 9,046 | 10,111 | | 营业收入增长率 | 44.09% | 15.39% | 14.98% | 23.45% | 11.78% | | 净利润（百万元） | 502 | 400 | 649 | 872 | 1,042 | | 净利润增长率 | 70.42% | -20.34% | 62.13% | 34.47% | 19.40% | | EPS（元） | 1.19 | 0.95 | 1.54 | 2.07 | 2.47 | | ROE（归属母公司)（摊薄） | 14.87% | 12.24% | 17.22% | 19.82% | 20.34 ...

Industry Overview - The report highlights the successful pre-sale of Xiaomi's YU7, which achieved over 200,000 orders in just three minutes, indicating strong market interest. The YU7 is priced lower than Tesla's Model Y, making it a competitive option in the electric vehicle market [1] - The report notes that the penetration rate of new energy dump trucks is significantly lower than that of overall new energy vehicles, suggesting substantial growth potential in this segment [5] - The film industry faced challenges in 2024 due to a lack of quality content, leading to a 43% decline in summer box office revenue. However, the 2025 summer box office has shown signs of recovery, with a strong start and several highly anticipated films scheduled for release [7] Electric Vehicle Sector - The Ministry of Industry and Information Technology released a new batch of vehicle production announcements, showing a 65% increase in new energy dump truck models compared to the previous batch. This reflects an accelerated transition towards electrification in the industry [5] - The report indicates that the majority of new models are pure electric, with a focus on larger battery capacities and high-power motors to address range anxiety and improve performance in complex working conditions [5] - Key players in the electric vehicle market include China National Heavy Duty Truck Group, Foton Daimler, and SANY Group, each adopting different competitive strategies [5] Film Industry Insights - The report emphasizes the significant drop in box office performance in 2024, with only 116.4 billion yuan generated during the summer season, a 43% year-on-year decline. This highlights the industry's need for high-quality content to attract audiences [7] - The 2025 summer box office has already surpassed 1 billion yuan, indicating a potential recovery, with several films generating significant interest and high anticipation among viewers [7]