Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a revenue of 335 million yuan in H1 2025, representing a year-on-year increase of 38%, and a net profit attributable to shareholders of 32.3 million yuan, up 23% year-on-year. The non-recurring net profit was 32.23 million yuan, reflecting a 32% year-on-year growth. Operating cash flow also saw a significant increase, reaching 47.41 million yuan, up 273% year-on-year [6] - The growth in revenue and profit is attributed to the consolidation of acquired companies and the expansion of client relationships with major manufacturers. The automotive parts, electronic components, and other parts segments saw revenue growth of 32%, 41%, and 85% year-on-year, respectively [6] - The company is benefiting from the increasing market share of new energy vehicles in China, which reached 44.3% in H1 2025, driven by favorable policies and market dynamics [6] Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 335 million yuan, with a year-on-year growth of 38%. The net profit attributable to shareholders was 32.3 million yuan, up 23% year-on-year, while the non-recurring net profit was 32.23 million yuan, reflecting a 32% increase year-on-year. The operating cash flow net amount was 47.41 million yuan, marking a 273% year-on-year increase [6] - For Q2 2025, the company achieved a revenue of 179 million yuan, with a year-on-year growth of 30% and a quarter-on-quarter growth of 16% [6] Revenue Breakdown - Revenue from automotive parts reached 188.86 million yuan (up 32% year-on-year), electronic components revenue was 93.14 million yuan (up 41% year-on-year), and other parts revenue was 24.77 million yuan (up 85% year-on-year) [6] - The growth in automotive parts revenue was driven by the consolidation of acquired subsidiaries and new sales from existing products [6] Market Outlook - The company is well-positioned to benefit from the growing demand in the new energy vehicle market, which is expected to reach historical sales highs in 2025 due to supportive government policies and market competition [6][7] - The company is expanding its presence in the North American market through its subsidiaries in Europe and Mexico, which is expected to enhance its capacity to meet regional demand [7] Profit Forecast - The forecasted net profits for the company from 2025 to 2027 are 73 million yuan, 92 million yuan, and 115 million yuan, respectively, with corresponding P/E ratios of 73.9, 59.1, and 47.2 [9]