北交所报告 增持（维持） 公司业绩持续向好 公 司 点 同力股份（834599）2025 年半年报点评 2025 年 8 月 28 日 投资要点： 吕子炜 SAC 执业证书编号： 事件：2025年上半年，公司实现营业收入31.69亿元，同比增长12.69%；实现 归属于上市公司股东净利润3.21亿，同比增长8.25%。 评 点评： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 S0340522040001 电话：0769-23320059 邮箱： 收盘价（元） 22.34 总市值（亿元） 103.10 流通股本（百万股）3.48 ROE(TTM) 26.56% 12 月最高价（元） 25.50 12 月最低价（元） 7.79 股价走势 资料来源：东莞证券研究所，同花顺 lvziwei@dgzq.com.cn 主要数据 2025 年 8 月 27 日 总股本（百万股） 4.62 2025 年上半年营收与利润双增。在 2025 年上半年，实现营业收入 31.69 亿元，同比增长 12.69%；实现营业利润 3. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5]. Core Views - The company is experiencing accelerated development in autonomous driving and new energy vehicles, with significant growth in revenue and profit [2][5]. - The company has successfully delivered autonomous vehicles and is expanding its presence in the new energy vehicle market, which now accounts for approximately 20% of its sales [5]. - The company is actively pursuing international market expansion, with exports of non-road dump trucks increasing [5]. - The company is focusing on large-scale mining trucks, with new models in development to capture high-end market segments [5]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved total revenue of 3.169 billion yuan, a year-on-year increase of 12.69%, and a net profit attributable to shareholders of 321 million yuan, up 8.25% [5]. - The gross margin and net margin for the first half of 2025 were 19.78% and 10.14%, respectively [5]. - The company’s operating expenses have increased due to the expansion of overseas operations and rising R&D costs [5]. Product Development - The development of autonomous vehicles is progressing rapidly, with over 700 units delivered by 2024 [5]. - The company has introduced various new energy products, including pure electric, hybrid, hydrogen fuel, and methanol fuel vehicles, which have higher profit margins compared to traditional fuel vehicles [5]. Market Expansion - The company is expanding its global footprint, with exports of non-road dump trucks reaching 8,508 units by July 2025, a growth of 2.62% [5]. - The company is implementing a global strategy to enhance sales and service networks in multiple countries [5]. Future Outlook - The company is expected to see net profits of 869 million yuan, 974 million yuan, and 1.083 billion yuan for 2025, 2026, and 2027, respectively [5]. - The projected EPS for the next three years is 1.88 yuan, 2.11 yuan, and 2.35 yuan, with corresponding P/E ratios of 12.20, 10.89, and 9.80 [5].