Core Viewpoint - The company reported its 2025 mid-year results, which met expectations, showing a revenue increase and profit growth compared to the previous year [2][3]. Financial Performance - In H1 2025, the company achieved a revenue of 30.347 billion yuan, a year-on-year increase of 12.07%, and a net profit attributable to the parent company of 708 million yuan, up 11.13% year-on-year [2][3]. - For Q2 2025, the company recorded a revenue of 15.771 billion yuan, with a quarter-on-quarter increase of 14.27% and a year-on-year increase of 8.20%. The net profit for the same period was 367 million yuan, reflecting a quarter-on-quarter increase of 11.2% and a year-on-year increase of 7.9% [2][3]. Profitability Improvement - The gross margin for H1 2025 was 18.20%, an increase of 2.6 percentage points year-on-year, primarily due to cost reduction measures and improved operational efficiency [4]. - The domestic gross margin was 19.3%, up 1.0 percentage points year-on-year, while the overseas gross margin was 17.8%, an increase of 3.0 percentage points year-on-year [5]. Business Segmentation - The automotive safety segment generated revenue of 18.977 billion yuan in H1 2025, with a gross margin of 15.93%, up 2.0 percentage points year-on-year, benefiting from reduced material costs and enhanced operational efficiency [5]. - The automotive electronics segment achieved revenue of 8.356 billion yuan, with a gross margin of 21.54%, an increase of 2.2 percentage points year-on-year, mainly due to the performance of human-machine interaction products [5]. Strategic Initiatives - The company is focusing on technology-driven growth and optimizing overseas operations, including a strategic partnership with Momenta for intelligent driving projects [6]. - In H1 2025, over 66% of new energy vehicle-related orders were secured, with significant international brand orders, including BMW [6]. Future Outlook - The company maintains revenue forecasts for 2025-2027 at 67.4 billion, 72.8 billion, and 78.2 billion yuan, representing year-on-year growth of 21%, 8%, and 7% respectively [7]. - The net profit forecasts for the same period are 1.61 billion, 1.95 billion, and 2.32 billion yuan, with respective year-on-year growth rates of 68%, 21%, and 19% [7].

盈利预测与投资评级：我们维持2025-2027 年营收预测为674/728/782亿元， 同比+21%/+8%/+7% ； 维 持2025-2027 年归母净利润为16.1/19.5/23.2 亿元，同比分别+68%/+21%/+19%，对应PE 分别为18/15/13 倍，由于公司主营业务盈利处于改善周期，新业务亟待放量，我们看好公司长期投资价值，维持"买 入"评级。 风险提示：下游乘用车需求复苏不及预期，汽车安全业务修复不及预期。 海内外盈利优化，海外毛利率同比增长明显。公司25H1 实现毛利率18.20%，同比+2.6pct，主要得益于 公司各项降本举措逐渐生效，且全球原材料降本影响明显。分区域看，2025H1 国内主营业务毛利率为 19.3%，同比+1.0pct，海外地区营业收入225.41 亿元，毛利率为17.8%，同比+3.0pct，主要因公司引进 中国供应商、优化原有供应商采购价格推动原材料成本持续下降。分业务看，2025H1 汽车安全业务实 现营收189.77亿元，毛利率15.93%，同比+2.0pct，受益于原材料降本及运营效率提升，全球四大业务区 域毛利率同比均提升；25H1 汽车电子业务 ...