Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company achieved a revenue of 144 million yuan in H1 2025, representing a year-on-year growth of 13.05%, and a net profit attributable to the parent company of 24.44 million yuan, up 10.15% year-on-year. The gross profit margin stands at 30.07% [1] - The company is expected to benefit from the production ramp-up of new projects in the smart home appliance and new energy vehicle sectors, as well as the collaboration with Turing Robotics to explore new growth areas [1] Financial Summary - Revenue projections for 2025-2027 are 520 million yuan, 630 million yuan, and 730 million yuan respectively, with corresponding EPS of 0.64 yuan, 0.78 yuan, and 0.90 yuan. The current stock price corresponds to P/E ratios of 50.8, 42.0, and 36.5 for the years 2025, 2026, and 2027 respectively [1][5] - The company’s revenue for 2023 is projected at 2.29 billion yuan, with a year-on-year growth of 13.2%, and a net profit of 390 million yuan, reflecting a growth of 12.2% [5][8] Automotive Wiring Harness Market - In H1 2025, China's automotive production and sales reached 15.62 million and 15.65 million units, respectively, with year-on-year growth of 12.5% and 11.4%. The new energy vehicle segment saw production and sales of 6.97 million and 6.94 million units, with a year-on-year growth of 41.4% and 40.3% [2] - The company has successfully introduced multiple new automotive wiring harness products, marking its deep penetration into the intelligent electrification of vehicles [2] Commercial Logistics Vehicles and Data Centers - The company has achieved large-scale delivery of battery pack wiring harnesses for commercial logistics vehicles and has completed technical breakthroughs in several emerging fields, including domestic air suspension wiring harnesses and data center cooling system wiring harnesses [3] - A strategic cooperation agreement was signed with Turing Robotics to advance the development of key subsystems for next-generation embodied intelligent humanoid robots [3]

Core Viewpoint - The report highlights the steady growth of Weimao Electronics, with a recommendation to "buy" the stock based on its performance and strategic initiatives in emerging markets [1][4]. Financial Performance - In H1 2025, the company achieved revenue of 144 million yuan (yoy +13.05%), net profit attributable to shareholders of 24.44 million yuan (yoy +10.15%), and operating cash flow of 24.56 million yuan (yoy +27.35%) [1]. - In Q2 2025, revenue was 71 million yuan (yoy +7.57%), with net profit of 13.43 million yuan (yoy +4.45%/qoq +22.04%) [1]. - The injection molding integrated components revenue grew by 20.38% yoy, contributing to overall performance [1]. Business Segments - The company reported revenue of 57.83 million yuan (yoy +1.86%) from wiring harness components and 72.15 million yuan (yoy +20.38%) from injection molding integrated components in H1 2025 [2]. - Domestic and overseas revenues were 70.42 million yuan (yoy +11.17%) and 73.47 million yuan (yoy +14.91%), respectively [2]. - The company has made significant breakthroughs in commercial logistics vehicle battery pack wiring harnesses and has begun mass production of components for new energy vehicles [2]. Strategic Initiatives - The company is actively expanding into new sectors such as flying cars, robotics, and medical applications, with strategic projects secured from Leap Motor and Huawei [3]. - The company is focusing on the development of products for autonomous driving and has made progress in domestic data center cooling system wiring harnesses, with mass production expected in Q1 2025 [3]. Profit Forecast - The projected net profits for 2025-2027 are 51 million yuan, 60 million yuan, and 71 million yuan, respectively, with corresponding PE ratios of 46.6, 39.8, and 33.6 times [4]. - The company is expected to leverage its integrated electronic component strategy to drive future growth through innovation [4].