Investment Rating - The report maintains a "Buy" rating for the company [4][10] Core Views - The company has shown steady growth in its main business, with a revenue of 716 million yuan in H1 2025, representing a year-on-year increase of 2.73%. The net profit attributable to the parent company reached 148 million yuan, up 3.30% year-on-year [1][4] - Domestic revenue decreased by 3.64% to 439 million yuan, while overseas revenue increased by 14.71% to 278 million yuan [1][4] - The company is expanding its production capacity for new energy vehicle components and is on track to complete its Thailand subsidiary by Q4 2025, enhancing its international competitiveness [2] - The company is strategically diversifying into linear motion components, leveraging its technological advantages in precision machining and production management within the automotive sector [2] Financial Summary - Revenue projections for 2025-2027 are estimated at 1.649 billion yuan, 2.020 billion yuan, and 2.374 billion yuan, respectively, with corresponding net profits of 351 million yuan, 419 million yuan, and 502 million yuan [2][3] - The company’s gross profit margin is expected to improve from 34.5% in 2023 to 36.2% in 2027, indicating enhanced profitability [9] - Earnings per share (EPS) is projected to grow from 0.53 yuan in 2023 to 1.00 yuan in 2027, reflecting a positive growth trajectory [3][9]

Group 1 - The company reported a total revenue of 1.357 billion yuan for 2024, representing a year-on-year growth of 1.03%, and a net profit attributable to shareholders of 289 million yuan, up 9.58% year-on-year [1] - In Q1 2025, the company achieved total revenue of 350 million yuan, with a year-on-year increase of 1.89%, and a net profit attributable to shareholders of 69 million yuan, growing 0.23% year-on-year [1] - The gross profit margin improved year-on-year, with a gross profit margin of 33.68% for 2024, an increase of 0.31 percentage points, while the domestic gross profit margin was 33.80%, up 0.66 percentage points [1] Group 2 - The company is accelerating investment in Thailand, establishing a new facility to expand existing capacity and enhance international competitiveness [2] - The establishment of "Beiyonghua New Technology Co., Ltd." in Thailand is a key part of the company's overseas capacity layout, with construction currently underway [2] - The company’s subsidiary, Yuhua Precision Machinery, is making significant progress in the fields of new energy vehicles and humanoid robots, with successful initial customer samples for the EMB braking system ball screw assembly [2] Group 3 - The company is expected to achieve net profits attributable to shareholders of 381 million yuan, 496 million yuan, and 601 million yuan for the years 2025 to 2027, respectively [3] - Corresponding P/E ratios are projected to be 35.43, 27.24, and 22.47 for the years 2025 to 2027 [4]