Core Viewpoint - Company achieved a revenue of 74.59 billion yuan in H1 2025, representing a year-on-year increase of 21.01%, with core customers accelerating their sales growth [3][10]. Financial Performance - In H1 2025, the company reported a net profit of 4.2 billion yuan, up 2.80% year-on-year. In Q2 2025, revenue reached 39.40 billion yuan, a 26% increase, while net profit was 2.09 billion yuan, growing by 1.19% [3][10]. - Core customers such as Geely, Chery, and Li Auto saw significant sales increases of 47%, 12%, and 2% respectively in Q2 2025 [3][10]. Margin and Cost Management - The company faced short-term pressure on gross margins due to a price war among OEMs, with Q2 2025 gross margin at 16.84%, down 3.02 percentage points year-on-year [4][14]. - Efforts to reduce costs and improve efficiency are being accelerated, with a decrease in selling, administrative, and R&D expense ratios [14]. Strategic Acquisitions - The company acquired 70% of Anhui Ruqi, enhancing its seating layout and customer base, particularly with Chery [5][21]. - This acquisition is expected to accelerate the development of complete seating solutions for domestic customers [21]. Global Expansion - The company is expanding its production capacity in various locations, including Hefei, Anqing, Changzhou, Shanghai, and Mexico, with an expected addition of 2.1 million sets of instrument panels and other components [8][30]. - Investments in Slovakia, the U.S., and Germany are part of the ongoing international strategy to enhance manufacturing and sales capabilities [8][30]. Product Development and Market Position - The company is establishing a platform-based supply system for interior components, with the value of passenger car interiors exceeding 10,000 yuan per vehicle [22][26]. - The company has seen its market share in passenger car instrument panels grow from 5.6% in 2020 to 23.7% in 2024, indicating strong competitive positioning [26][27].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [4][6][34]. Core Views - The company achieved a revenue of 74.59 billion yuan in H1 2025, representing a year-on-year growth of 21.01%, with a net profit of 4.2 billion yuan, up 2.80% year-on-year. In Q2 2025, revenue reached 39.40 billion yuan, a 26% increase year-on-year, while net profit was 2.09 billion yuan, growing 1.19% year-on-year [2][9]. - The company is expanding its seating layout through the acquisition of 70% of Anhui Ruqi's shares, which enhances its capabilities in complete seat production and customer resources [3][20]. - The company is actively pursuing globalization, with ongoing capacity expansions in various locations, including Mexico and Slovakia, which are expected to unlock growth potential [3][33]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 74.59 billion yuan, a 21.01% increase year-on-year, and a net profit of 4.2 billion yuan, up 2.80% year-on-year. Q2 2025 saw a revenue of 39.40 billion yuan, a 26% increase year-on-year, and a net profit of 2.09 billion yuan, a 1.19% increase year-on-year [2][9]. - The company’s gross margin in Q2 2025 was 16.84%, down 3.02 percentage points year-on-year, attributed to intensified price competition among manufacturers [12][34]. Strategic Developments - The acquisition of Anhui Ruqi is expected to accelerate the company’s expansion in the seating market, enhancing its product offerings and customer base [3][20]. - The company is expanding its production capacity with new facilities in various regions, including a planned addition of 2.1 million sets of dashboard assemblies and other components [3][27][33]. Market Position - The company has a strong market presence in dashboard assemblies, with a market share of approximately 23.7% in the passenger vehicle segment, up from 5.6% in 2020 [23][26]. - The company’s revenue growth has consistently outpaced the industry average, with a compound annual growth rate of 30.7% from 2013 to 2024, significantly higher than the industry growth rate of 5.37% [25][26].

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