Core Viewpoint - The company reported a positive performance in H1 2025, with revenue and net profit growth driven by increased sales from core customers and successful order acquisitions [1][2][3] Financial Performance - H1 2025 revenue reached 3.63 billion, a year-on-year increase of 6.2%, with Q2 revenue at 2.087 billion, showing a quarter-on-quarter increase of 35.3% [1] - H1 2025 net profit attributable to shareholders was 276 million, up 8.4% year-on-year, with Q2 net profit at 183 million, reflecting a quarter-on-quarter increase of 96.9% [1] - H1 2025 net profit excluding non-recurring items was 268 million, a year-on-year increase of 9.48%, with Q2 at 178 million, showing a quarter-on-quarter increase of 97.9% [1] Customer Performance - Sales from core customers significantly contributed to revenue growth, with notable Q2 sales figures: 107,000 units for customer Seres (+135.8% QoQ), 111,000 units for customer Li Auto (+19.6% QoQ), and 192,000 units for Tesla (+11.0% QoQ) [1] - The company secured multiple projects for low-voltage and high-voltage wiring harnesses from T Company, SAIC, and L Automotive in H1 2025 [1] Margin and Cost Management - Q2 2025 gross margin was 16.6%, an increase of 2.2 percentage points year-on-year, attributed to in-house production of high-voltage connectors [2] - Q2 2025 operating expense ratio was 6.70%, a decrease of 1.6 percentage points year-on-year, with specific expense ratios for sales, management, R&D, and finance reported as 0.34%, 2.58%, 3.22%, and 0.57% respectively [2] Future Growth Potential - The upcoming pre-sale of the Shangjie H5 is expected to contribute to sales flexibility [2] - The company has successfully provided multiple product series of wiring harness assemblies for a leading AI company, indicating potential for future growth in the robotics wiring harness segment [2] Profit Forecast - The company is projected to achieve revenues of 9.5 billion, 11.72 billion, and 14.22 billion for 2025-2027, with year-on-year growth rates of 20%, 23%, and 21% respectively [3] - Net profit attributable to shareholders is forecasted at 830 million, 1.07 billion, and 1.26 billion for the same period, with year-on-year growth rates of 23%, 30%, and 17% respectively [3] - Corresponding price-to-earnings ratios are estimated at 18.4, 14.2, and 12.1 for 2025-2027 [3]

Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company has shown a recovery in profitability with significant growth in revenue and net profit for the first half of 2025, achieving approximately 36.30 billion yuan in revenue, a year-on-year increase of about 6.20%, and a net profit of approximately 2.76 billion yuan, up about 8.40% year-on-year [1]. - The company has secured multiple new projects in emerging fields, indicating a strong growth potential driven by both client expansion and technological advancements [4][5]. Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of approximately 20.87 billion yuan, a year-on-year increase of about 10.7% and a quarter-on-quarter increase of about 35.3%. The net profit for the same period was approximately 1.83 billion yuan, reflecting a year-on-year increase of about 18.9% and a quarter-on-quarter increase of about 96.9% [1][3]. - The gross margin for Q2 2025 was approximately 16.6%, up 0.1 percentage points year-on-year and 2.2 percentage points quarter-on-quarter. The net margin was approximately 8.8%, up 0.6 percentage points year-on-year and 2.8 percentage points quarter-on-quarter [3]. Client and Project Development - Key clients such as Sais, SAIC Motor, and Li Auto have shown significant production increases, with respective production volumes of approximately 134,000, 209,500, and 111,100 units in Q2 2025, reflecting year-on-year increases of about 12%, 22%, and 16% [2]. - The company has successfully obtained project approvals for various low and high-voltage wiring harnesses from major automotive manufacturers, indicating a strong foothold in the automotive supply chain [2]. Growth Projections - Revenue projections for 2025 to 2027 are approximately 102.35 billion yuan, 122.50 billion yuan, and 146.66 billion yuan, representing year-on-year growth rates of about 29.3%, 19.7%, and 19.7% respectively. Net profit projections for the same period are approximately 8.23 billion yuan, 10.39 billion yuan, and 12.93 billion yuan, with year-on-year growth rates of about 22.8%, 26.2%, and 24.5% respectively [5][7].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a significant increase in both volume and profit in Q2 2025, exceeding expectations [7] - Revenue for H1 2025 reached 3.63 billion yuan, a year-on-year increase of 6.2%, while net profit attributable to shareholders was 276 million yuan, up 8.4% year-on-year [7] - The growth in revenue is driven by increased demand from core customers and the successful ramp-up of key projects [7] - The company is expanding its new energy projects and upgrading its wiring harness industry, which is expected to enhance its competitiveness in the automotive sector [7] - The financial forecast for 2025-2027 indicates a steady growth in revenue and net profit, with corresponding P/E ratios suggesting an attractive valuation [7] Summary by Sections Financial Performance - H1 2025 revenue was 3.63 billion yuan, with Q2 revenue at 2.09 billion yuan, showing a quarter-on-quarter increase of 11% and a year-on-year increase of 35% [7] - H1 2025 gross margin was 15.7%, with Q2 gross margin reaching 16.6% [7] - Operating cash flow for H1 2025 was 185 million yuan, a year-on-year increase of 67.9% [7] Revenue and Profit Forecast - Projected total revenue for 2025 is 10 billion yuan, with a year-on-year growth of 26% [1] - Expected net profit for 2025 is 871.74 million yuan, reflecting a year-on-year increase of 30% [1] - The report anticipates a continued increase in revenue and profit through 2027, with P/E ratios decreasing from 17.45 in 2025 to 11.77 in 2027 [1] Market Position and Strategy - The company is focusing on expanding its new energy wiring harness business, with new projects for major electric vehicle manufacturers [7] - The report highlights the successful production ramp-up of various projects, including those for traditional and new energy vehicle clients [7] - The company is also diversifying into other sectors, such as drones and robotics, to enhance its market presence [7]

Investment Rating - The report maintains a "Recommended" rating for the company [7]. Core Views - The company reported a revenue of 3.63 billion yuan for H1 2025, a year-on-year increase of 6.20%, and a net profit attributable to shareholders of 276 million yuan, up 8.40% year-on-year [1]. - In Q2 2025, the company achieved a revenue of 2.09 billion yuan, representing a year-on-year growth of 10.71% and a quarter-on-quarter increase of 35.28%. The sales volume of the client brand, Seres, reached 109,181 units, up 8.92% year-on-year and 141.13% quarter-on-quarter [2]. - The company is successfully expanding its customer base and extending its connector business, with strong orders for the Seres M8 model, which has delivered over 60,000 units as of August 1, 2025 [3]. - The company is actively innovating and building a "1+N" business layout, with significant achievements in the robotics sector and plans to expand into new industries such as drones and autonomous vehicles [4]. - The company has a robust order backlog and is extending its connector supply chain to enhance value-added services, projecting revenues of 9.56 billion yuan, 11.56 billion yuan, and 14.11 billion yuan for 2025, 2026, and 2027, respectively [5]. Summary by Sections Financial Performance - For H1 2025, the company reported a revenue of 3.63 billion yuan and a net profit of 276 million yuan, with respective year-on-year growth rates of 6.20% and 8.40% [1]. - In Q2 2025, the company achieved a revenue of 2.09 billion yuan, with a year-on-year growth of 10.71% and a quarter-on-quarter increase of 35.28% [2]. - The gross profit margin for Q2 2025 was 16.63%, with a net profit margin of 8.79%, both showing improvements due to increased capacity utilization [2]. Business Development - The company is successfully expanding its connector business, with new contracts for low-voltage and high-voltage wiring harnesses from various automotive clients [3]. - The company is focusing on innovation in the robotics field and has established a subsidiary for intelligent robotics development, aiming to capture opportunities in emerging markets [4]. Future Projections - The company forecasts revenues of 9.56 billion yuan for 2025, 11.56 billion yuan for 2026, and 14.11 billion yuan for 2027, with corresponding net profits of 780 million yuan, 943 million yuan, and 1.17 billion yuan [5][6].

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company's performance in 2024 exceeded expectations, with revenue reaching 7.914 billion yuan, a year-on-year increase of 97.7%, and net profit attributable to shareholders of 670 million yuan, a staggering increase of 1139.15% [1] - The growth in 2024 was primarily driven by strong demand from key customers in the new energy sector, particularly from the company's largest client, Seres, which accounted for 52.84% of sales [2] - The company is expanding its product offerings, with significant developments in connector business and humanoid robot projects, which are expected to create additional growth curves [3] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 7.914 billion yuan and a net profit of 670 million yuan, with a gross margin of 17.5%, up from 12.9% in 2023 [1] - For Q1 2025, revenue was 1.543 billion yuan, a year-on-year increase of 0.64%, but a quarter-on-quarter decrease of 35.22% [1] Customer Base and Market Expansion - The company has successfully expanded its customer base, adding new projects with various automotive manufacturers, which lays a solid foundation for long-term growth [2] Product Development - The company has developed a full range of high-voltage connectors and charging sockets, and has made significant progress in humanoid robot projects, marking a milestone in its product development capabilities [3] Earnings Forecast and Valuation - The company is expected to achieve revenues of 10.127 billion yuan, 13.047 billion yuan, and 16.308 billion yuan in 2025, 2026, and 2027 respectively, with corresponding net profits of 899 million yuan, 1.2 billion yuan, and 1.536 billion yuan [4]

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company achieved a revenue of approximately 7.914 billion yuan in 2024, representing a year-on-year increase of about 97.7%, with a net profit attributable to the parent company of approximately 670 million yuan, a year-on-year increase of about 1139.15% [1]. - The company is expanding its core customer base and exploring new fields, establishing a 1+N business layout to solidify its second growth curve [1]. - The company is benefiting from the growth of domestic automotive brands, with a projected increase in revenue from 10.235 billion yuan in 2025 to 14.666 billion yuan in 2027, reflecting a compound annual growth rate of approximately 19.7% [4][6]. Financial Performance - In 2024, the company's gross margin was approximately 17.49%, an increase of about 4.6 percentage points year-on-year, while the net margin was approximately 8.47%, an increase of about 7.1 percentage points year-on-year [2]. - The company reported a slight increase in expense ratios in Q1 2025, with a total expense ratio of approximately 7.97%, up by 0.99 percentage points year-on-year [2]. - The company is expected to achieve net profits of approximately 8.2 billion yuan, 10.4 billion yuan, and 12.9 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 22.8%, 26.2%, and 24.5% [4][6]. Market Position and Growth Drivers - The company is positioned to benefit from the increasing market share of domestic brands, which accounted for approximately 65.2% of passenger car sales in 2024, a year-on-year increase of about 9.2 percentage points [3]. - The company is implementing technological innovations such as high-voltage connector integration and the use of aluminum instead of copper, which are expected to optimize cost structures and enhance profitability [3].

0 1 事 件 概 述 公司披露 2024 年年度报告和 2025 年第一季度报告： 1 ） 2024 年 度 实 现 营 收 79.14 亿 元 ， 同 比 +97.70% ；归母净利润 6.70 亿元，同比 +1,139.15% ；扣非归母净利润 6.58 亿元，同比 +1,546.71% ； 2 ） 2025Q1 营收 15.43 亿元，同比 +0.64% ，环比 -35.22% ；归母净利润 0.93 亿元，同比 -7.63% ，环比 -59.86% ；扣非归母净利润 0.90 亿元，同比 -5.34% ，环比 -61.63% 。 0 2 分 析 判 断 ► 2024圆满收官 2025Q1业绩有所承压 1）收入端： 公司2024Q4营收23.82亿元，同比+45.60%，环比+12.66%。2025Q1营收15.43亿元，同比 +0.64%，环比-35.22%，环比下滑系大客户销量影响。2025Q1公司客户赛力斯问界品牌销量为45,127辆， 同比-47.41%，环比-53.22%。 2）利润端： 公司2024Q4实现归母净利润2.32亿元，同比+201.94%，环 比+26.47%，盈利能力持续提升 ...

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company achieved a revenue of 7.914 billion yuan in 2024, representing a year-on-year increase of 97.70%, and a net profit attributable to shareholders of 670 million yuan, up 1,139.15% year-on-year [1][4] - In Q1 2025, the company reported a revenue of 1.543 billion yuan, a slight increase of 0.64% year-on-year, but a significant decrease of 35.22% quarter-on-quarter, primarily due to the impact of major customer sales [2][4] - The company is successfully expanding its connector business, with significant orders from key customers, indicating a strong growth trajectory [3][4] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 2.382 billion yuan, a year-on-year increase of 45.60% and a quarter-on-quarter increase of 12.66% [2] - The gross profit margin for Q1 2025 was 14.38%, showing a year-on-year increase of 0.42 percentage points, while the net profit margin was 6.03%, down 0.55 percentage points year-on-year [2] - The company expects revenues of 10.006 billion yuan, 12.508 billion yuan, and 15.384 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 828 million yuan, 1.036 billion yuan, and 1.314 billion yuan for the same years [5][9] Business Expansion - The company has successfully extended its connector business, with significant orders from customers such as Seres, indicating a robust demand for its products [3] - The domestic market for wiring harnesses is expected to reach a total scale of 130.7 billion yuan in 2025, presenting a substantial growth opportunity for the company [3] Valuation Metrics - The report provides earnings per share (EPS) estimates of 1.89 yuan, 2.37 yuan, and 3.01 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 17, 13, and 11 [4][5]