略调整毛利率、费用率等，预测2025-2027 年归母净利润分别为12.59、14.82、17.47 亿元（原为11.36、 14.04、16.22 亿元），可比公司2025 年PE 平均估值22倍，目标价28.16 元，维持买入评级。 风险提示 季度业绩表现亮眼。公司上半年实现营业收入34.50 亿元，同比增长6.2%；实现归母净利润5.73 亿元， 同比增长27.4%；实现扣非归母净利润5.53 亿元，同比增长32.3%。2 季度实现营业收入17.84 亿元，同 比增长11.0%，环比增长7.1%；实现归母净利润3.16 亿元，同比增长44.9%，环比增长22.8%；实现扣非 归母净利润3.17 亿元，同比增长61.1%，环比增长34.2%。受益于销售规模扩大以及持续精进管理，公 司在关税挑战及行业降价压力下，2 季度毛利率同环比分别提升2.6/1.0 个百分点，利润端实现同环比较 高增长。 加速向模块化、系统级供应商转型，海外业务加速扩张。公司在汽车传统中小件基础上积极发展三电系 统、车身结构件、热管理系统、智能驾驶系统等核心部件，加速向系统级解决方案供应商转型，上半年 单件重量8kg 以上大件业务占比 ...

Group 1: Nutaige Company - Nutaige focuses on lightweight applications in automotive suspension systems, steering systems, and three-electric systems, with continuous revenue growth since its listing in 2022 [1] - The company plans to increase R&D investment, enhance core technology, and accelerate the ramp-up time of new production lines to maintain business growth [1] - Nutaige is developing multiple new businesses, with high-performance materials for automotive chassis progressing quickly, expecting to complete sample development and delivery to customers in the second half of this year [1] - The company’s acquisition strategy focuses on upstream and downstream of the industry chain and related emerging businesses, assessing multiple dimensions to improve acquisition success rates [1] Group 2: Cangge Mining - Cangge Mining's lithium carbonate production process includes high recovery rates, with the third-generation adsorption workshop achieving over 80% and membrane workshop reaching 98% [2] - The company currently holds mining licenses for surface mining up to 20 meters deep and has not yet obtained licenses for deeper brine extraction [2] - Cangge Mining has trained over 100 technical personnel for rapid deployment in the Mali Mico project, utilizing aluminum-based adsorbents for their long lifespan and low cost [2] - The company has implemented cost-reduction measures through procurement cost reduction, scale effects, and increased recovery rates [2] Group 3: Investment Firm Overview - Juming Investment is a new private equity fund manager in China, focusing on "contrarian investment" and "growth investment" with a culture of simplicity and practicality [3] - The firm manages over 30 billion and has a core team from top public funds and asset management industries, with a strong academic background [3] - The firm has received multiple industry awards for its performance, including the Golden Bull Award and Yinghua Award, with significant absolute returns in recent years [3]