Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company's business landscape is expected to continue expanding under the "specialization in main business + technological extension" strategy, with a year-on-year revenue growth of 31% in H1 2025 [5][8] - The company achieved a revenue of 167 million yuan in H1 2025, with a net profit attributable to shareholders of 31.88 million yuan [8] - The growth in revenue is driven by increased customer demand and improved production and sales volume, particularly in the context of the new energy vehicle market [8] Financial Performance - Revenue projections for the company are as follows: 2023: 258 million yuan, 2024: 304 million yuan, 2025E: 371 million yuan, 2026E: 449 million yuan, 2027E: 549 million yuan, with respective year-on-year growth rates of 24.31%, 18.04%, 21.76%, 21.18%, and 22.20% [7] - The net profit attributable to shareholders is projected to be 67 million yuan in 2023, 79 million yuan in 2024, 97 million yuan in 2025E, 119 million yuan in 2026E, and 146 million yuan in 2027E, with year-on-year growth rates of 30.59%, 18.93%, 22.41%, 22.65%, and 22.94% respectively [7] - The company’s earnings per share (EPS) are expected to increase from 0.50 yuan in 2023 to 1.09 yuan in 2027 [7] Business Strategy - The company focuses on two main strategies: deepening its core business by promoting automotive seat assembly components and expanding into new fields using its existing technologies [8] - The company plans to leverage its expertise in powder metallurgy and metal injection molding to explore new markets such as commercial vehicles, engineering machinery, and electric tools [8] - The company’s R&D expenses reached 11.16 million yuan in H1 2025, reflecting an 88% year-on-year increase, indicating a strong commitment to innovation and product development [8]

证券研究报告·北交所公司点评报告·汽车零部件 明阳科技（837663） 2025 中报点评：营收端稳步增长 31%，客户 年降与生产成本增加致利润率下滑 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 257.81 | 304.32 | 400.45 | 482.76 | 592.32 | | 同比 | 24.31 | 18.04 | 31.59 | 20.55 | 22.69 | | 归母净利润（百万元） | 66.53 | 79.13 | 87.00 | 105.74 | 129.90 | | 同比 | 30.59 | 18.93 | 9.95 | 21.55 | 22.84 | | EPS-最新摊薄（元/股） | 0.50 | 0.59 | 0.65 | 0.79 | 0.97 | | P/E（现价&最新摊薄） | 49.53 | 41.65 | 37.88 | 31.17 | 25.37 | [Table ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is focusing on the import substitution of core components for seat adjustment systems, expanding market capacity, and developing assembly components [5] - In 2024, the company achieved revenue of 304 million yuan, a year-on-year increase of 18.04%, and a net profit attributable to shareholders of 79.13 million yuan, a year-on-year increase of 18.93% [6] - The company is leveraging growth opportunities from downstream customer demand, with several core products experiencing revenue growth [6] - The penetration rate of new energy vehicles in China continues to rise, with the company focusing on the new energy vehicle sector, where orders for new energy models account for 90% of total orders [6] - The company plans to expand its market and production capacity in 2025, with ongoing R&D efforts and significant investment progress in key projects [6] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 304 million yuan, with a year-on-year growth of 18.04% and a net profit of 79 million yuan, reflecting an 18.93% increase [6] - The company’s core products, including metal powder metallurgy parts and self-lubricating bearings, saw significant revenue increases [6] Market Opportunities - The Chinese automotive industry showed resilience in 2024, with production and sales reaching 31.28 million and 31.44 million vehicles, respectively, marking year-on-year increases of 3.70% and 4.50% [6] - The company is well-positioned to benefit from the growing demand for new energy vehicles, with strong partnerships with leading clients in the industry [6] Future Outlook - The company is expected to maintain high growth rates through horizontal expansion and continuous R&D optimization [6] - The projected net profits for 2025-2027 are estimated at 97 million, 119 million, and 146 million yuan, respectively, with corresponding EPS of 0.94, 1.15, and 1.42 yuan per share [8]