Core Viewpoint - Haitian International has shown strong interim results with higher than expected overseas sales growth and stable domestic sales, prompting an upgrade to "Buy" and an increase in target price to HK$26.00 [1] Financial Performance - 1H2025 revenue reached RMB9,018 million, reflecting a sequential HoH increase of 11.2% [2] - The sales mix shifted slightly, with the Jupiter series showing sequential gains; revenue for Mars, Zhafir Electric, and Jupiter series was RMB5,171 million, RMB1,018 million, and RMB1,458 million, respectively, with sequential HoH increases of 10.5%, 11.9%, and 13.0% [2] - The average selling price (ASP) for the segments was RMB222k, RMB525k, and RMB1,734k, with sequential HoH changes of -1.7%, 2.8%, and 4.4% respectively, primarily due to product mix changes [3] - Sales volume increased sequentially to 26.3k, 2.0k, and 1.0k, representing increases of 12.4%, 8.8%, and 8.2% [3] - The gross profit margin for 1H2025 was 32.8%, a sequential HoH increase of 0.2 percentage points due to lower raw material costs [3] Overseas Sales - The company experienced strong overseas sales, totaling RMB3,818 million, with YoY growth of 34.7% and sequential HoH growth of 20% [4] - Revenue growth in the Southeast Asia (SEA) region was particularly robust at RMB1,783 million, showing YoY growth of 90.0% and sequential HoH growth of 27.2%, now accounting for 46.7% of the company's overseas revenue [5] Domestic Sales - Domestic sales remained stable at RMB5,201 million, with YoY growth of 0.3% and sequential HoH growth of 5.5%, supported by the development of downstream industries like NEVs [5] - The company supplies multiple NEV OEMs, including Xiaomi, Leapmotor, and XPeng [5] Future Outlook - Revenue forecasts for 2025-2027 have been increased to RMB17,949 million (+1.2%), RMB17,711 million (+0.1%), and RMB20,309 million (+1.0%) respectively [1] - Earnings per share forecasts for 2025, 2026, and 2027 are RMB2.127 (+2.6%), RMB2.032 (+1.4%), and RMB2.301 (+1.7%) respectively [1]