商用整车分部，改装车、非道路车国内外销量依旧靓眼，期间不仅有山东南山国际高尔夫球车160台的 国内第一大单，五菱观光车、高尔夫球车更于海外销售552台。 智通财经APP获悉，8月26日，五菱汽车(00305)公布了2025半年业绩，集团围绕"稳增长、提效益、开新 局"的经营策略，推动传统优势产业向产业链、价值链中高端聚集。 上半年，五菱汽车总收入录得约40.3亿元(单位：人民币，下同)，同比增加2.0%;毛利约为4.8亿元，同 比增加13.5%，毛利率从去年同期10.8%增长至12.0%。溢利更是同比增加306.2%，达到8580.9万。公司 上半年整体业绩取得增长的主要原因是毛利率同比提升，再加上公司精细化的管理带来了各项费率的下 降，经营取得了长足进步。 不仅是上汽通用五菱，长城、奇瑞、赛力斯、比亚迪、长安汽车、北汽福田等大牌车企，均为集团附属 公司五菱工业所经营的汽车零部件及其他工业服务分部的客户，整体业务持续增长，上半年向拓展客户 的销售额继2024年后，继续突破10亿大关。 具体产品部分，明星产品车桥优势显著。微型电动驱桥产销累计已突破200万套件，而同轴式电驱桥则 配套长安、江淮、吉利等车企，率先 ...

Investment Rating - The report assigns a "Buy" rating for Wuling Motors with a target price of HKD 0.77, based on a current price of HKD 0.49 [6]. Core Insights - Wuling Motors is focusing on transforming its business model to enhance its presence in the automotive industry, particularly in the new energy vehicle sector, while leveraging its extensive experience in manufacturing and supply chain management [15][20]. - The company has seen a significant increase in net profit, with a 60.19% year-on-year growth in 2024, attributed to adjustments in its commercial vehicle business and an increase in high-margin component products [2][5]. - Wuling Motors aims to cultivate three national-level manufacturing champions in the automotive parts sector by 2025-2027, focusing on high-value products and expanding its international footprint [3][26]. Summary by Sections Company Overview - Wuling Motors Group Holdings Limited specializes in the automotive supply chain, focusing on components, power systems, and commercial vehicle design and development, with components contributing 69% of its main revenue in 2024 [1][15]. Business Transformation and Financial Performance - The company has adjusted its business model for commercial vehicles, leading to a 24.17% decrease in total revenue to HKD 7.949 billion in 2024, while operating costs also fell by 24.96% [2][5]. - Despite revenue declines, the company achieved a net profit of HKD 111 million in 2024, reflecting a 60.19% increase year-on-year, driven by a shift towards higher-margin products [2][5]. Focus on Components and New Energy - Wuling Motors is concentrating on its components business, enhancing product quality and expanding its customer base, including partnerships with major manufacturers like BYD and Great Wall [3][29]. - The company is actively developing new energy products, including electric vehicle engines and control systems, and has established Wuling New Energy as a key player in its strategy [4][22]. Profit Forecast and Valuation - The report forecasts Wuling Motors' total revenue to grow to HKD 88.66 billion by 2025, with a projected compound annual growth rate of 12% from 2025 to 2027 [5][26]. - The expected net profit for the same period is projected to reach HKD 0.80 billion in 2025, reflecting a 58% year-on-year increase [5][26].