Financial Performance Summary - In the first half of 2025, the company achieved total revenue of 27.21 billion RMB, a decrease of 0.63% compared to 27.39 billion RMB in the same period of 2024 [1][2] - Operating profit for the first half of 2025 was 750.47 million RMB, down 9.57% from 829.89 million RMB in the previous year [1][2] - The total profit amounted to 733.48 million RMB, reflecting a decline of 12.83% from 841.43 million RMB in the prior year [1][2] - Net profit attributable to shareholders was 638.05 million RMB, an 18.66% decrease from 784.40 million RMB in the same period last year [1][2] - Basic earnings per share decreased by 19.44% to 0.29 RMB from 0.36 RMB [1][2] Revenue Composition - Revenue from consumer electronics increased by 8.60%, driven by promotional activities from major clients [2] - Revenue from automotive electronics decreased by 16.04%, primarily due to reduced outsourcing orders from key clients [2] - Revenue from cloud and storage products fell by 3.61%, influenced by client order transfers [2] - Revenue from communication products declined by 3.21%, as new product mass production was delayed compared to the previous year [2] Expense Overview - Total sales, management, R&D, and financial expenses for the first half of 2025 were 2.06 billion RMB, an increase of 4.95% from 1.96 billion RMB in the same period of 2024 [2] - Financial expenses decreased by 2.62% to 0.22 billion RMB, attributed to lower interest expenses [2] - Management expenses rose by 5.04%, while sales and R&D expenses increased by 3.15% and 7.40%, respectively [2] Non-Recurring Profit and Loss - The net profit attributable to shareholders after excluding non-recurring gains and losses was impacted by a non-recurring loss of 60 million RMB, down from 183 million RMB in the previous year [3] Future Outlook - The company anticipates that the operating profit margin for the third quarter of 2025 will remain stable year-on-year [3]

Group 1: Company Overview - The company, Shenzhen Longte Intelligent Control Co., Ltd., is identified by stock code 300916 and is involved in the production of various electronic products [1]. - The company has successfully entered production at its Thailand factory as of June 2025, initially focusing on PCBA and finished products, with plans to expand into automotive electronics [3]. Group 2: Financial Performance - In Q1 2025, the company's revenue from small energy storage systems increased by 226.68% year-on-year, reaching 170 million [3]. - The company maintains a positive outlook on the growth potential of the energy storage market, particularly in regions like Kenya, Nigeria, Tanzania, and Mozambique, where there is a pressing demand for energy storage solutions [3]. Group 3: Production and Supply Chain - The delivery cycles for ODM projects vary: 2-3 months for consumer PCBA, 6-8 months for smart products, and 6-12 months for automotive electronics [3]. - The Thailand factory's products are primarily supplied to Southeast Asia and Europe, with some raw materials sourced locally and others imported from China [4]. Group 4: Strategic Decisions - The controlling shareholder's recent inquiry for share transfer aims to attract strong institutional investors to enhance market liquidity and support the company's long-term development [4].

Group 1: Investor Relations Activities - The company held an earnings presentation on May 14, 2025, via an online platform, with key personnel including the Chairman and CFO present [3] - The presentation included a video interpretation of the annual report and addressed common investor concerns [3] Group 2: Financial Performance and Dividends - The company has distributed a total of CNY 141 million in cash dividends since 2017, with a recent three-year total of CNY 98.24 million, representing 130.10% of the average annual net profit attributable to shareholders [4] - The proposed dividend for 2024 is CNY 2.00 per 10 shares, totaling approximately CNY 13.17 million [4] - The company plans to invest CNY 90 million in establishing a subsidiary in Thailand, indicating a focus on market expansion [4] Group 3: Market Position and Valuation - The company reported a net profit of CNY 106.5 million for 2024, with a market capitalization of CNY 2.208 billion, which is significantly lower than peers [5] - Market fluctuations are influenced by international politics and macroeconomic factors, with the company emphasizing long-term performance and consistent dividends [5] Group 4: Research and Development - R&D investment for 2024 is CNY 23.67 million, a year-on-year increase of 19.49%, with a total of 94 patents held [7] - The company aims to enhance its competitive edge through innovation and product development [7] Group 5: Product Performance - Sales revenue from automotive electronic products reached CNY 72.33 million in 2024, a growth of 107.15%, accounting for 9.62% of total revenue with a gross margin of 41.24% [8] - The company manages approximately 400 SKUs in automotive electronics and plans to continue resource investment in this area [8] Group 6: Future Plans and Expansion - The Thai factory is expected to reach operational status in Q2 2025, with a designed capacity of 300,000 to 500,000 units per year, translating to an estimated revenue of CNY 100 million to CNY 150 million [13] - The company is exploring potential acquisitions to enhance strategic positioning and market presence [6] Group 7: Brand Development - The company operates under two proprietary brands, "TuoMan" and "ChaoQuan," with sales of approximately CNY 4 million in 2024, indicating early-stage brand development [15]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a revenue of 752 million yuan in 2024, representing a year-on-year growth of 34.71%, and a net profit of 106.5 million yuan, up 52.91% year-on-year [5] - The automotive electronics business saw a significant revenue increase of 107% year-on-year, driven by the company's focus on self-production and product innovation [5] - The establishment of a factory in Thailand is expected to alleviate the impact of tariffs on U.S. operations and enhance the company's global competitiveness [5][8] Summary by Sections Market Performance - Closing price: 32.10 yuan - Total market capitalization: 2,113.41 million yuan - Circulating market capitalization: 1,175.48 million yuan - Total shares: 65.84 million - Debt-to-asset ratio: 28.81% [3] Financial Performance - Revenue forecast for 2024: 752 million yuan, with a growth rate of 34.71% - Net profit forecast for 2024: 107 million yuan, with a growth rate of 52.91% - Earnings per share (EPS) forecast for 2024: 1.62 yuan [7][8] Business Strategy - The company is actively promoting the self-production of automotive electronics, with a focus on technology and talent development [5] - The marketing strategy combines domestic and international efforts, with e-commerce clients accounting for 38.43% of procurement in 2024 [5] - The company plans to continue expanding its product ecosystem into various sectors, including marine and robotics [5][6]