Investment Rating - The report assigns an "Accumulate" investment rating to the company for the first time, predicting a price-to-earnings ratio (PE) of 19.48 and 15.66 for the years 2025 and 2026 respectively based on the closing price of 128.43 yuan on August 19, 2025 [6][11][33] Core Views - The company's performance in the first half of 2025 met expectations, with revenue of 6.645 billion yuan, a year-on-year increase of 22.01%, and a net profit of 769 million yuan, up 18.72% year-on-year. The growth is primarily driven by the increasing orders for precision structural components for power batteries due to industry growth [6][7][11] - The company is actively expanding into the humanoid robot sector, focusing on the development and production of key components such as precision reducers and joint modules, which is expected to create a second growth engine for the company [6][11][30] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 6.645 billion yuan, with a net profit of 769 million yuan, reflecting a year-on-year growth of 22.01% and 18.72% respectively. The operating cash flow decreased by 25.42% to 1.432 billion yuan [6][7][11] - The gross margin for the first half of 2025 was 22.87%, slightly down by 0.19 percentage points year-on-year, while the net profit margin was 11.53% [6][9][11] Market Position and Growth - The company specializes in precision structural components for lithium batteries, with a significant market share in the electric vehicle sector. The sales volume of lithium battery structural components has grown from 1.237 billion units in 2020 to 4.625 billion units in 2024, with a compound annual growth rate of 39.06% [6][7][11] - The global market for new energy vehicles is expected to continue its double-digit growth, with China's power battery market share increasing significantly, indicating a favorable environment for the company's growth [6][7][11] Strategic Initiatives - The company is investing in humanoid robotics, establishing partnerships to develop key components for this emerging market. This strategic move is anticipated to diversify revenue streams and enhance growth potential [6][11][30] - The company has established 16 production bases globally, with plans for further international expansion, including a new project in Hungary aimed at increasing production capacity for precision structural components [6][11][30]

| 证券代码：002850 | 证券简称：科达利 | 公告编号：2025-058 | | --- | --- | --- | | 债券代码：127066 | 债券简称：科利转债 | | 深圳市科达利实业股份有限公司 关于全资子公司完成工商变更登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 深圳市科达利实业股份有限公司（以下简称"公司"）于 2025 年 6 月 30 日召开的第五届董事会第二十次（临时）会议、第五届监事会第十一次（临时） 会议审议通过了《关于将部分募集资金借款转为对全资子公司江西科达利等增资 的议案》，同意公司将 2023 年向特定对象发行股票募集资金前期向全资子公司 江西科达利精密工业有限公司（以下简称"江西科达利"）、江门科达利精密工 业有限公司（以下简称"江门科达利"）提供的部分借款及后续拟投入的部分募 集资金转为对其增资，增资金额均为 40,000 万元。本次增资完成后，江西科达 利、江门科达利的注册资本均由 30,000 万元增加至 70,000 万元，仍为公司的全 资子公司。 近日，江西科达利、江门科达利分别完成了相关工 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 据网传的两张截图显示，孙潇雅在群内告知："由于电信&汽车团队重组，我们将客服群暂时解散。" 并表示："我们会一如既往的保持勤奋、前瞻、谦虚的研究态度，感恩！"但群内客户却表示很惊 讶："急流勇退了。" 8月19日网传的观点截图中，她重点推荐几只股票，在当天都有相应的涨幅，其中浙江荣泰一度涨停， 收盘涨7.65%、安培龙收盘涨超11%、龙溪股份收盘涨4.56%、科达利收盘涨5.7%。 而且，不止孙潇雅推荐的股票，整个板块有一定的涨幅，当天人形机器人指数涨幅1.64%。 另外在网络传播的，还有HVDC泛电源链、川环科技再推荐，共计三篇观点，在网络上引起了热议。 而孙潇雅也成了部分投资者的风向标，观点追捧度较高，或许也是因为高热度，孙潇雅选择解散了客户 群。 文/新浪财经上海站 时行工作室 最近时期以来，A股持续狂飙，尤其创新药、稀土、AI算力以及人形机器人热门赛道。 8月19日，一段关于孙潇雅的机器人观点在网络传播，但据新浪财经查询，并没有此研报，或仅为群聊 的文字观点而已。 【龙溪股份】： 时代绕不开的关节轴承公司，国内 市占率75%，单 ...

Group 1 - Huayou Cobalt achieved a revenue of 37.197 billion yuan in the first half of 2025, a year-on-year increase of 23.8%, with a net profit attributable to shareholders of 2.71 billion yuan, up 62.3% [5] - In Q2 2025, Huayou Cobalt's revenue reached 19.35 billion yuan, a year-on-year increase of 28.3% and a quarter-on-quarter increase of 8.5% [5] - The company reported a net profit of 1.46 billion yuan in Q2 2025, reflecting a year-on-year growth of 27% and a quarter-on-quarter growth of 16.5% [5] Group 2 - Sinopec Oilfield Service Company reported a total revenue of 37.05 billion yuan in H1 2025, a slight increase of 0.6% year-on-year, with a net profit of 490 million yuan, up 9.0% [6] - In Q2 2025, the company achieved a revenue of 19.2 billion yuan, a year-on-year increase of 4.99% and a quarter-on-quarter increase of 7.56% [6] - The net profit for Q2 2025 was 274 million yuan, showing a year-on-year decrease of 0.16% but a quarter-on-quarter increase of 25.44% [6] Group 3 - Keda Li reported steady growth in its main business, with a focus on becoming a platform company for robot components, particularly in precision processing and large-scale manufacturing [6] - The company is concentrating on its humanoid robot subsidiary, Kemon, which focuses on reducers and joint modules [6] Group 4 - Huatian Technology achieved a revenue of 7.78 billion yuan in H1 2025, a year-on-year increase of 15.81%, with a net profit of 226 million yuan, up 1.68% [7] - The semiconductor industry's recovery is expected to drive demand for the company's products, with anticipated accelerated performance in H2 2025 as capacity is gradually released [7] Group 5 - Xtep International reported a revenue increase of 7.1% and a net profit increase of 21.5% in H1 2025 [8] - The main brand and Saucony showed collaborative growth, with the main brand's revenue up 4.5% and professional sports revenue up 32.5% [8] - The company maintains its full-year guidance, expecting steady growth in the main brand's revenue and a 30-40% increase in Saucony's revenue [8] Group 6 - Aimeike reported a revenue of 1.3 billion yuan in H1 2025, a year-on-year decrease of 21.6%, with a net profit of 790 million yuan, down 29.6% [8] - The company experienced a decline in revenue and net profit in both Q1 and Q2 2025, with significant year-on-year decreases [8] Group 7 - Gilead Sciences-B reported a revenue of 0.01 billion yuan in H1 2025, with a net profit of -88 million yuan [8] - The company is fully transitioning to innovative drug research and development, with key clinical progress expected for its core metabolic disease treatment products by the end of this year to early next year [8]

Core Viewpoint - The company reported a strong financial performance in the first half of 2025, with significant year-on-year growth in both revenue and net profit, indicating robust operational capabilities and market demand [3]. Financial Performance Summary - In the first half of 2025, the company achieved revenue of 6.645 billion yuan, a year-on-year increase of 22.01%, and a net profit attributable to shareholders of 769 million yuan, up 18.72% year-on-year [3]. - In Q2 2025, the company recorded revenue of 3.623 billion yuan, reflecting a year-on-year growth of 23.34% and a quarter-on-quarter increase of 19.90%. The net profit for Q2 was 382 million yuan, which is a year-on-year increase of 12.54% but a quarter-on-quarter decline of 1.36% [3]. Profitability Analysis - The company's Q2 2025 gross margin was 23.43%, showing a year-on-year decline of 0.39 percentage points but a quarter-on-quarter increase of 1.23 percentage points. The net profit margin was 10.47%, down 1.04 percentage points year-on-year and 2.3 percentage points quarter-on-quarter, primarily due to credit impairment provisions [4]. - After adjusting for credit and asset impairments, the company's net profit attributable to shareholders was 431 million yuan, with an adjusted net profit margin of 11.90%, indicating stable profitability [4]. Product Development and Market Expansion - The company is positioning itself as a platform company for robot components, leveraging its precision processing and large-scale manufacturing capabilities. Its humanoid robot subsidiary, Kemon, focuses on gear reducers and joint modules [5]. - The core product, the reducer, has entered testing phases with several high-quality domestic and international clients. The company has developed a lightweight aluminum-steel product that balances weight and torque [5]. - The joint assembly is in the technology development stage, with samples sent for performance optimization in collaboration with clients [5]. - The establishment of a joint venture, Yizhi Lingqiao, aims to promote the industrialization of dexterous hands, enhancing the application scenarios for robotics [5].

（原标题：科达利现4笔大宗交易 均为折价成交） 科达利8月19日大宗交易平台共发生4笔成交，合计成交量351.49万股，成交金额3.93亿元。成交价格均 为111.78元，相对今日收盘价折价12.96%。从参与大宗交易营业部来看，机构专用席位共出现在3笔成 交的买方或卖方营业部中，合计成交金额为3.72亿元，净买入3.72亿元。 8月19日科达利大宗交易一览 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 进一步统计，近3个月内该股累计发生6笔大宗交易，合计成交金额为4.05亿元。 两融数据显示，该股最新融资余额为4.99亿元，近5日增加6063.81万元，增幅为13.82%。 机构评级来看，近5日共有4家机构给予该股评级，预计目标价最高的是中金公司证券，8月18日中金公 司证券发布的研报预计公司目标价为137.00元。（数据宝） | 成交 量 | 成交金 额 | 成交价 | 相对当 日 | | | | --- | --- | --- | --- | --- | --- | | | | 格 | 收盘折 | 买方营业部 | 卖方营业部 | | （万 | （万 | （元） | 溢价 | | | | ...

Group 1 - The core viewpoint of the report is that Keda Li (002850.SZ) is rated as a buy due to its expected steady growth in revenue and net profit in the first half of 2025 [2] - The report highlights that Keda Li's net profit is expected to grow rapidly year-on-year in Q2 2025, while remaining stable quarter-on-quarter [2] - The company is focusing on serving leading enterprises both domestically and internationally, while continuously advancing its capacity construction [2] - Keda Li is expanding into the humanoid robot joint component business, aiming to create a second growth curve [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [7]. Core Insights - The company, Keda Li (002850), is a leading global manufacturer of precision battery structural components, benefiting from the continuous growth in electric vehicle sales and increasing demand for power batteries. The company has seen a steady increase in orders while also focusing on cost reduction and efficiency improvements, resulting in robust performance [5][7]. - For the first half of 2025, the company reported revenue of 6.645 billion yuan, a year-on-year increase of 22.01%, and a net profit of 769 million yuan, up 18.72% year-on-year. The gross margin was 22.87%, slightly down by 0.19 percentage points, while the net margin was 11.52%, down by 0.35 percentage points [5][6]. - The company is actively expanding into the humanoid robot joint components business, aiming to create a second growth curve. It has established several joint ventures focused on developing key components such as reducers and dexterous hands, with some products already in testing phases with high-quality clients [5][7]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 3.623 billion yuan, a year-on-year increase of 23.34% and a quarter-on-quarter increase of 19.90%. The net profit for Q2 was 382 million yuan, up 12.54% year-on-year but down 1.36% quarter-on-quarter [5]. - The company’s R&D expenses reached 355 million yuan in the first half of 2025, reflecting a year-on-year growth of 21.11%, with the R&D expense ratio remaining stable [5][6]. Market Expansion - The company is deepening its service to leading enterprises both domestically and internationally, signing strategic procurement agreements with clients like Honeycomb Energy and actively exploring new clients in India and other regions [5]. - The company has established a global production network and is expanding its production capacity in Hungary, Jiangxi, Sichuan, and preparing for a production base in the United States [5]. Future Outlook - The earnings forecast for the company indicates a projected net profit of 1.816 billion yuan for 2025, with an expected EPS of 6.64 yuan, corresponding to a PE ratio of 18 times [6][7].

8月19日，科达利大宗交易成交351.49万股，成交额3.93亿元，占当日总成交额的21.4%，成交价111.78 元，较市场收盘价128.43元折价12.96%。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交会额 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | 2025-08-19 | 002850 | 科达利 | 111.78 | 230.00 | 25,709.40机构变用 | 中国国际金融股份 | | | | | | | | 有限公司深圳分公 | | | | | | | | To | | 2025-08-19 | 002850 | 科达利 | 111.78 | 32.49 | 3,632.10 机构专用 | 中国国际金融股份 | | | | | | | | 有限公司深圳分公 | | | | | | | | n | | 2025-08-19 | 002850 | 科达利 | 111.78 | 70.00 | 7,824.60 机构专 ...

Group 1 - The PEEK materials concept sector experienced a decline of 1.35%, ranking among the top losers in the concept sector as of the market close on August 19 [1][2] - Within the PEEK materials sector, notable declines were observed in companies such as New Han New Materials, Guangqi Technology, and Zhongxin Fluorine Materials, while companies like Henghe Precision, Jintian Co., and Keda Li saw increases of 7.58%, 7.02%, and 5.70% respectively [1][2] - The PEEK materials sector faced a net outflow of 2.531 billion yuan in principal funds, with 30 stocks experiencing net outflows, and 7 stocks seeing outflows exceeding 100 million yuan [2][3] Group 2 - The top net outflow stock was Jintian Co., with a net outflow of 911.1 million yuan, followed by Guangqi Technology, Jinfa Technology, and New Han New Materials with net outflows of 387 million yuan, 241.6 million yuan, and 151.3 million yuan respectively [2][3] - Conversely, the stocks with the highest net inflows included Keda Li, Tianci Materials, and Guoen Co., with net inflows of 67.98 million yuan, 26.99 million yuan, and 24.52 million yuan respectively [2][3]