Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its market position and growth potential [5]. Core Insights - The company achieved a revenue of 6.645 billion yuan in the first half of 2025, representing a year-on-year growth of 22.01%, with a net profit attributable to shareholders of 769 million yuan, up 18.72% year-on-year [1]. - The lithium battery structural components business generated a revenue of 6.414 billion yuan in H1 2025, reflecting a growth of 22.35% year-on-year, with a stable gross margin of 23.26% [2]. - The company is expanding its production capacity both domestically and internationally, with significant investments in new production bases in China and Europe, enhancing its global production network [2]. - The company is actively entering the humanoid robotics sector, collaborating with various partners to seize opportunities in emerging markets [3]. Financial Performance Summary - For Q2 2025, the company reported a revenue of 3.623 billion yuan, a year-on-year increase of 23.36%, and a net profit of 382 million yuan, up 12.68% year-on-year [1]. - The projected revenues for 2025-2027 are 14.970 billion, 18.199 billion, and 21.775 billion yuan, with corresponding growth rates of 24.4%, 21.6%, and 19.6% respectively [3][4]. - The forecasted net profits for the same period are 1.852 billion, 2.285 billion, and 2.721 billion yuan, with growth rates of 25.9%, 23.4%, and 19.1% respectively [4][7].

Macro Strategy - The core viewpoint is that the "innovation bull market" in 2025 is driven by a positive cycle of capital pricing and industrial implementation under policy guidance, with macro policies anchoring industrial direction and capital markets facilitating value discovery [1] - The market liquidity and valuation have improved, with A-share trading volume exceeding 2 trillion yuan, indicating a positive trading structure and sentiment cycle [1] - The initial phase of the "innovation bull" is likely to extend towards financial sectors and technology industries, particularly in robotics, computing power, and innovative pharmaceuticals [1] Economic Outlook - The report anticipates that China's export growth may continue to exceed market expectations due to the dual easing of U.S. fiscal and monetary policies, suggesting resilience in external demand [2] - The expectation of interest rate cuts by the Federal Reserve is highlighted, with predictions of two cuts in September and December, although there is caution regarding overly optimistic market pricing [2] Fixed Income Market - The fixed income market has shown a "desensitization" to fundamental data, with the yield on 10-year government bonds rising to 1.745% despite disappointing economic indicators [4] - The report notes that structural policy tools may replace total monetary policies as the main line of easing in the third quarter [4] Company Performance - 瑞芯微 (Rockchip) reported a significant revenue increase of 63.85% year-on-year in H1 2025, with a net profit growth of 190.61%, driven by strong performance in AIoT products [8] - 禾赛科技 (Hesai Technology) achieved a revenue increase of 53.9% year-on-year in Q2 2025, with a net profit growth of 161.2%, supported by strong demand for ADAS and robotics [9] - 道通科技 (Dautong Technology) reported a revenue increase of 27.3% year-on-year in H1 2025, driven by advancements in digital repair and energy solutions [10] Industry Trends - The report emphasizes the growth potential in the AI and robotics sectors, with companies like 禾赛科技 and 瑞芯微 leading in their respective fields [9][8] - The demand for 3D vision technology is highlighted as a key growth driver for 奥比中光 (Orbbec), with expected rapid revenue growth in the coming years [20] Investment Ratings - The report maintains a "buy" rating for several companies, including 瑞芯微, 禾赛科技, and 道通科技, based on their strong performance and growth prospects in innovative sectors [8][9][10]

Overall Research - The domestic equity market continues to rise, with the ChiNext Index increasing by 8.58%. The performance of equity and bond funds is diverging, with equity mixed funds leading the gains. TMT theme funds are significantly outperforming, while consumer themes show relatively weaker growth. Passive index funds in financial and AI themes are performing well, while there is a net outflow from domestic stock ETFs, particularly in the double innovation sector and TMT themes, with noticeable inflows into large-cap and broad-based funds [1]. Real Estate Industry - As of August 17, 2025, new home transactions in 20 cities totaled 491,000 units, down 5.5%. In major cities, Beijing saw 26,000 units sold (-13%), Shanghai 63,000 units (-1%), and Shenzhen 19,000 units (-3%). In the second-hand housing market, transactions in 10 cities reached 490,000 units, up 10.7%, with Beijing at 108,000 units (+11%), Shanghai 160,000 units (+18%), and Shenzhen 44,000 units (+28%) [2]. Metal Industry - The growth rate difference between M1 and M2 narrowed to -3.2 percentage points in July, marking a near 49-month high. The steel sector's profitability is expected to recover to historical average levels following the Ministry of Industry and Information Technology's guidelines for the steel industry. However, there are risks associated with significant fluctuations in futures prices due to trading restrictions on coking coal futures [3]. Chemical Industry - The report suggests focusing on companies involved in electronic specialty gases, such as nitrogen trifluoride and other products. Key companies include China Shipbuilding Industry Corporation, Nanda Optoelectronics, and Huate Gas. Additionally, companies producing semiconductor materials, such as photolithography resins and PCB inks, are also recommended for attention [4]. Company Research - Sinopec Engineering achieved a revenue of 31.6 billion yuan in H1 2025, a 10.1% year-on-year increase, with a net profit of 1.384 billion yuan, up 4.8%. The company maintains a "buy" rating with profit forecasts for 2025-2027 at 2.595 billion, 2.760 billion, and 2.902 billion yuan, respectively [7]. - Blue Sky Technology won a new lithium extraction project, with expectations for high growth in its lithium resource business. The company forecasts net profits of 1.055 billion, 1.253 billion, and 1.495 billion yuan for 2025-2027, maintaining an "increase" rating [8]. - Changqing Co. reported a recovery in pesticide market demand, with a net profit forecast of 74 million, 128 million, and 181 million yuan for 2025-2027, maintaining an "increase" rating despite a downward adjustment in profit expectations [9]. - Huayou Cobalt's net profit for H1 2025 reached 2.71 billion yuan, a 62.3% increase year-on-year, with future profit forecasts of 5.9 billion, 7.1 billion, and 8.6 billion yuan for 2025-2027, maintaining a "buy" rating [10]. - Keda Li's main business remains stable, with profit forecasts of 1.802 billion, 2.178 billion, and 2.499 billion yuan for 2025-2027, maintaining a "buy" rating [11]. - Oriental Cable's revenue for H1 2025 was 4.432 billion yuan, an 8.95% increase, but net profit fell by 26.57% to 473 million yuan. The company expects growth in the second half of 2025 due to increased cable deliveries [12]. - Jinlang Technology reported a revenue of 3.794 billion yuan in H1 2025, a 13.09% increase, with a net profit of 602 million yuan, up 70.96%. Future profit forecasts are 1.169 billion, 1.399 billion, and 1.657 billion yuan for 2025-2027, maintaining an "increase" rating [12]. - Lian Microelectronics has seen a recovery in its epitaxial wafer business, with future profit forecasts of 69 million, 165 million, and 242 million yuan for 2025-2027, maintaining a "buy" rating [13]. - Tian Shili achieved a revenue of 4.288 billion yuan in H1 2025, with a net profit of 775 million yuan, up 16.97%. The company maintains profit forecasts of 1.150 billion, 1.245 billion, and 1.399 billion yuan for 2025-2027, maintaining a "buy" rating [14]. - Ecovacs Robotics reported strong performance in both domestic and international sales, with profit forecasts of 1.6 billion, 1.9 billion, and 2.3 billion yuan for 2025-2027, maintaining a "buy" rating [15]. - Stone Technology, a leader in smart vacuum robots, has adjusted its profit forecasts to 1.7 billion, 2.1 billion, and 2.5 billion yuan for 2025-2027, maintaining an "increase" rating [16].

Core Viewpoint - The company Keda Li (002850) has announced the successful completion of testing for its self-developed cycloidal reducer and is currently collaborating with clients for optimization and in-depth development [1] Group 1: Product Development - The company has developed a new aluminum-steel lightweight product that balances lightweight design and torque, further solidifying its technological advantage in the core transmission field [1] Group 2: Market Position - The advancements in the reducer materials domain have allowed the company to innovate and enhance its competitive position within the industry [1]

证券日报网讯科达利（002850）8月18日发布公告，在公司回答调研者提问时表示，客户普遍关注并表 示认可特殊PEEK材料解决方案。公司将继续发挥材料研发优势，针对不同应用场景开发专用材料。创 新能力不仅是公司发展的强项，也是公司成为客户优先选择的长期合作伙伴，并赢得行业领先企业的高 度信任的重要前提。 ...

证券日报网讯科达利（002850）8月18日发布公告，在公司回答调研者提问时表示，伟达立目前正处于 市场导入期。依智灵巧正同步推进多种技术路线的开发验证，通过差异化方案探索多元化应用场景，致 力于打造兼顾效率和成本优势的灵巧手新产品。 ...

证券日报网讯 科达利（002850）8月18日发布公告，在公司回答调研者提问时表示，公司二季度基于公 司会计政策及审慎原则计提信用减值准备，属于正常的财务处理。公司持续看好下半年业务发展，将持 续推进精益化管理，深化降本增效，在保证产品竞争力的基础上，实现公司利润水平的稳步提升。 ...

证券日报网讯科达利（002850）8月18日发布公告，在公司回答调研者提问时表示，公司后续将密切跟 踪市场动态，结合行业发展趋势及公司战略布局进行综合评估。若确定相关业务规划，公司将严格按照 信息披露要求及时履行公告义务。 ...

Core Viewpoint - Company Keda Li (002850) is actively advancing its product development in the robotics sector, showcasing a diverse range of products at recent industry exhibitions and focusing on aligning technology with market trends [1] Group 1: Product Development - Keda Li's subsidiary, Kemon Innovation, has presented various robotics-related products to the market [1] - The company is committed to a dual development model of "technology-driven + demand-driven," aiming to enhance power transmission efficiency and structural design [1] - Multiple new products targeting different application scenarios are currently in the research and development phase [1] Group 2: Customer Expansion - Keda Li's high-precision reducer has entered the testing phase with several domestic and international high-quality clients [1] - The joint assembly is in the technical development stage, with some samples sent for performance evaluation and ongoing optimization based on client feedback [1] - The company expresses confidence in its preparations regarding product line layout, technical standards, and cost control to penetrate high-end customer supply chains [1]

证券日报网讯科达利（002850）8月18日发布公告，在公司回答调研者提问时表示，随着国际客户量产 计划和国内客户海外项目的稳步推进，以及公司在全球化战略的持续深化布局，海外基地预计将为公司 带来较大的增长空间。 ...