Core Viewpoint - The company is focusing on integrated die-casting as a significant strategic direction, with high market expectations for its performance and profitability in the future [1] Group 1: Integrated Die-Casting Project - The company has purchased multiple sets of die-casting units ranging from 2500T to 9000T, primarily located in its subsidiaries Changzhou Bojun and Chengdu Bojun [1] - The current die-casting equipment deployed includes 5000T and 9000T in Changzhou Bojun, and 2500T, 3500T, and 5000T in Chengdu Bojun [1] - The company has existing orders related to integrated die-casting, including products such as rear floor, shock tower, front-end module, rear side inner panel, and front lower crossbeam assembly [1] Group 2: Production and Development Status - Some projects, including shock towers and rear floors, have already entered mass production, while others like front-end modules and front lower crossbeam assemblies are still in the product development phase [1] - The specific mass production timelines for these projects will depend on customer release schedules [1]

Group 1: Report Core View - The decline in the company's net profit and gross profit margin in the first half of 2025 was mainly due to customer price cuts and increased depreciation and amortization from the ramping up of new business capacity. The integrated die - casting business revenue is expected to increase significantly in 2026, and the gross profit margin of the main business will improve [24]. - The company's current main customers include Tesla, Leapmotor, NIO, Li Auto, BYD, JAC, SAIC Group, SAIC Volkswagen, SAIC General Motors and other vehicle manufacturers, as well as auto parts manufacturers such as Xinpeng Co., Ltd. and Shanghai Tongzhou. The comprehensive capacity utilization rate of the stamping and welding business is over 80%. The integrated die - casting business will enter the capacity ramping - up period starting from the fourth quarter of 2025 [24][25]. - As of the end of June 2025, the company's accounts receivable balance was 1.1025678 billion yuan. The company has strengthened internal control and continuous monitoring to ensure timely collection of accounts receivable [26]. - The integrated die - casting business will enter the capacity ramping - up period starting from the fourth quarter of 2025, and is expected to have a positive impact on the company's statements in 2026. The revenue scale of the integrated die - casting business from 2023 to the third quarter of 2025 was small, and its gross profit margin is not comparable to that of traditional businesses due to low capacity utilization [27]. - The company's current investment and planned integrated die - casting production lines are 6 to 8, mainly distributed in subsidiaries in Yancheng, Changzhou and Lu'an. The company has obtained orders from NIO, Li Auto, Leapmotor and other customers and provides trial - die services for many domestic and foreign vehicle manufacturers [27]. - The company's subsidiary's acquisition of 52% of the equity of Kunshan Fager Aidelan has completed the equity change, and the remaining delivery matters are being carried out as agreed. As the full delivery has not been completed, this acquisition has not affected the company's financial condition and operating results [28]. - Some customers with a rapid increase in orders in the early stage implemented a certain annual price cut for the company in the first half of the year. The single - vehicle supply value of Tesla Model yL is basically the same as that of Model y [28]. Group 2: Research Basic Information - The research object is Duoli Technology, and the reception time was September 15, 2025. The company's reception staff included Chairman Deng Liqin, Director and Board Secretary Zhang Yeping, and Securities Affairs Representative He Shirong [17]. Group 3: Detailed Research Institutions - The reception objects included investors' online questions and others [20]. Group 4: Research Institution Proportion - No relevant content provided. Group 5: Main Content Data - In the first half of 2025, the company's revenue increased by 13.15% year - on - year, but the net profit attributable to the parent company decreased by 28.13% year - on - year, and the gross profit margin also declined by 21.41 percentage points to 17.66% [24]. - As of June 30, 2025, the company's accounts receivable balance was 1.1025678 billion yuan, with 1.0226559 billion yuan within 1 year (including 1 year), 73.4667 million yuan from 1 to 2 years, 1.4668 million yuan from 2 to 3 years, and 4.9784 million yuan over 3 years [26]. - The company's integrated die - casting business achieved mass production in 2023, and the rear floor project that won a fixed - point order from a leading new - energy customer is expected to be mass - produced in 2025. The revenue scale of the integrated die - casting business was small from 2023 to the third quarter of 2025 [26][27]. - The company's construction in progress increased by 127.42% year - on - year, mainly due to the increase in factories and machinery and equipment. The company has plans for integrated die - casting production lines in Yancheng, Changzhou and other places [27]. - The company announced in June 2025 that it planned to acquire 52% of the equity of Kunshan Fager Aidelan to promote the internationalization process. The equity change has been completed, and the remaining delivery matters are in progress [28].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's revenue for the first half of 2025 reached 2.512 billion yuan, representing a year-on-year increase of 45.77%, while the net profit attributable to shareholders was 352 million yuan, up 51.95% year-on-year [4] - The significant growth in Q2 2025 was driven by the release of new production capacity, seasonal recovery, and increased sales from core customers [5] - The company has established strong partnerships with major clients such as Geely, BYD, and new energy vehicle manufacturers, which are expected to further enhance performance in the second half of 2025 [6] Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 1.412 billion yuan, with a year-on-year and quarter-on-quarter increase of 52.66% and 28.41% respectively [5] - The net profit for Q2 2025 was 203 million yuan, reflecting a year-on-year increase of 55.01% and a quarter-on-quarter increase of 36.00% [5] Cost Management - The net profit margin for Q2 2025 improved to 14.38%, with a year-on-year increase of 0.22 percentage points and a quarter-on-quarter increase of 0.80 percentage points [5] - The company optimized its expense ratio, with a period expense ratio of 7.17%, down 1.64 percentage points year-on-year and 1.11 percentage points quarter-on-quarter [5] Production Capacity and Product Development - The company is expanding its production capabilities and product offerings, including entering mass production of integrated die-casting products in Q2 2025 [5] - The company has established 12 subsidiaries across key regions, which will enhance collaboration with core customers and localize supply [5] Earnings Forecast - The company is projected to achieve revenues of 5.835 billion, 7.842 billion, and 9.875 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 38%, 34%, and 26% [6] - The net profit attributable to shareholders is expected to reach 884 million, 1.152 billion, and 1.434 billion yuan for the same years, with growth rates of 44%, 30%, and 25% respectively [6]

Core Viewpoint - The company reported a mixed performance for 1H25, with revenue growth but a significant decline in net profit, indicating challenges in profitability despite revenue increases driven by key clients [1][2]. Financial Performance - 1H25 revenue reached 4.27 billion yuan, up 17.2% year-on-year; net profit attributable to shareholders was 114 million yuan, down 34.1% year-on-year; non-recurring net profit was 104 million yuan, down 33.6% year-on-year [1]. - For 2Q25, revenue was 2.17 billion yuan, with a quarter-on-quarter increase of 15.0% and a year-on-year increase of 3.5%; net profit was 69 million yuan, down 35.3% quarter-on-quarter but up 52.9% year-on-year; non-recurring net profit was 64 million yuan, down 37.0% quarter-on-quarter but up 57.3% year-on-year [1]. Revenue Drivers and Profitability - Revenue growth was primarily driven by clients like Xpeng and BYD, with 1H25 revenue from aluminum die-casting and injection molding reaching 3.16 billion yuan and 1.04 billion yuan, respectively, reflecting year-on-year increases of 17.0% and 15.2% [2]. - Profitability faced pressure, with gross margins for aluminum die-casting and injection molding at 11.6% and 14.9%, down 3.0 and 0.2 percentage points year-on-year; net margins for casting and interior/exterior trim were 2.7% and 4.9% [2]. Business Development and Future Outlook - The company is positioned to achieve profitability in integrated die-casting by the end of the year, with significant production capacity and partnerships with leading clients like Xpeng and Toyota [3]. - The company is also expanding into low-altitude economy and intelligent robotics, having secured project points with clients in these sectors, indicating potential for new revenue streams [3]. Profit Forecast and Valuation - Due to client structure adjustments and profit pressure, the company has revised down its net profit forecasts for 2025 and 2026 by 10.8% and 11.7% to 370 million yuan and 410 million yuan, respectively [4]. - The current stock price corresponds to a price-to-earnings ratio of 24.2x for 2025 and 21.7x for 2026, with a target price of 13.5 yuan, suggesting a slight upside potential [4].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][6]. Core Views - The company reported a revenue of 2.8 billion yuan for H1 2025, a decrease of 8.88% year-on-year, and a net profit attributable to shareholders of 13 million yuan, down 83.98% year-on-year. The Q2 2025 revenue was 1.53 billion yuan, a decline of 4.0% year-on-year but an increase of 20.6% quarter-on-quarter [1][2]. - The performance of the company's main operations remained stable, with a revenue of 1.599 billion yuan in H1 2025, roughly unchanged from the previous year. The revenue from body structure components increased by 13.43% year-on-year, driven by the release of large integrated body component orders. However, the French subsidiary's revenue decreased due to reduced orders from European and American clients [2]. - The company is focusing on high-end customer and product strategies, with significant breakthroughs in core business areas. The production capacity for large integrated body components was released in June, and the company is accelerating its global capacity layout [3]. Summary by Sections Financial Performance - In H1 2025, the company's net profit attributable to shareholders was 13 million yuan, a decline of 83.98% year-on-year, primarily due to losses from the French subsidiary. The main operations achieved a net profit of 80 million yuan, up 9.95% year-on-year, supported by cost reduction and efficiency improvement measures [2]. - The company’s expenses were optimized, with sales, management, R&D, and financial expense ratios at 4.9%, 3.8%, 5.1%, and -1.0% respectively, showing a continuous improvement in expense structure [2]. Strategic Developments - The company is a pioneer in integrated die-casting and is actively engaging with leading new energy vehicle manufacturers. The order backlog continues to grow, and production for core customer projects is expected to ramp up starting in 2025, which may drive gradual improvement in performance [4]. - The company has established itself as a core supplier for Huawei's Seres, with significant vehicle delivery numbers expected to drive capacity utilization and performance recovery [3]. Earnings Forecast - The report adjusts the earnings forecast, estimating revenues of 6.42 billion, 7.80 billion, and 9.54 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 127 million, 288 million, and 435 million yuan for the same years. The EPS is projected to be 0.40, 0.92, and 1.38 yuan [4][5].

Core Viewpoint - The company is expected to achieve significant growth in net profit for the first half of 2025, driven by strong customer demand and improved production capacity [1][2]. Group 1: Financial Performance - The company forecasts a net profit attributable to shareholders of 341-387 million yuan for the first half of 2025, representing a year-on-year increase of 47.0%-67.0% [1]. - For Q2 2025, the estimated net profit is projected to be 215 million yuan, reflecting a year-on-year growth of 64.2% and a quarter-on-quarter increase of 44.4% [2]. Group 2: Customer and Market Dynamics - Key customers such as Seres, Li Auto, Geely, and BYD have shown significant sales growth, with Q2 sales increasing by 136%, 20%, 5%, and 14% respectively [2]. - The absence of holiday disruptions in Q2 allowed for a normalization of production and delivery schedules, contributing to the company's performance [2]. Group 3: Production and Capacity Expansion - The company is expanding its production capabilities, including the introduction of integrated die-casting products expected to enter mass production in Q2 2025 [3]. - The company has established 12 subsidiaries across various regions, including Southwest, Yangtze River Delta, Beijing-Tianjin-Hebei, and Pearl River Delta, to enhance collaboration with core customers [3]. Group 4: Revenue and Profit Forecast - The company anticipates revenues of 5.952 billion, 8.039 billion, and 9.970 billion yuan for 2025-2027, with year-on-year growth rates of 41%, 35%, and 24% respectively [4]. - The projected net profit for the same period is 859 million, 1.180 billion, and 1.418 billion yuan, with growth rates of 40%, 37%, and 20% respectively [4].

Core Viewpoint - The automotive parts industry will continue to focus on electrification and intelligence in 2025, with integrated die-casting products expected to expand and become more prevalent, reshaping the body structure parts market [1] Company Performance - In 2024, the company reported revenue of 3.592 billion yuan, a year-on-year decrease of 8.19%, and a net profit of 425 million yuan, down 14.43% year-on-year due to factors such as fluctuations in downstream product sales and increased asset depreciation [1] - The company is actively extending its industrial chain by advancing integrated die-casting, hot forming, electrophoretic painting, and composite materials businesses, optimizing its product structure [1] Capacity Layout - The company has established production facilities in multiple locations, achieving an 80% utilization rate in its stamping and welding business [2] - Four integrated die-casting production lines have been set up in Jiangsu Yancheng and Anhui Liu'an, with an additional line under construction in Jiangsu Changzhou [2] - A new project in Jinhua City with a total investment of 1 billion yuan aims to produce 200,000 sets of integrated automotive body structure parts annually [2] Future Business Outlook - The integrated die-casting and hot forming businesses have secured multiple customer orders, with large-scale production expected to begin in the second half of 2025, leading to a significant increase in capacity utilization by 2026 [2] Market Position - Major clients include Tesla, Li Auto, NIO, Leap Motor, BYD, SAIC Group, and others, with ongoing efforts to enhance the customer structure [3] - The impact of the U.S. "reciprocal tariff" policy on the company's business is minimal, with only 4.01% of total revenue coming from export business, and approximately 3.6% from exports to the U.S. [3]