| | | 未经许可，不得转载或者引用。 | 投资要点 | | --- | 事件： 公司发布2025年半年度报告。2025年上半年公司实现营业收入4.28亿元，同比下降7.46%；实 现归母净利润0.85亿元，同比下降26.79%。其中，2025Q2单季度公司实现营业收入2.26亿元， 同比增长1.92%，环比增长11.19%；实现归母净利润0.43亿元，同比下降15.72%，环比增长 2.52%。公司2025Q2业绩基本符合我们的预期。 盈利预测与投资评级： 考虑到公司新项目放量节奏及毛利率短期承压，我们将公司2025-2027年归母净利润的预测调 整为2.15亿元、2.64亿元、3.26亿元（前值为2.51亿元、3.03亿元、3.66亿元），对应2025-2027 年EPS分别为1.92元、2.36元、2.91元，市盈率分别为43.59倍、35.41倍、28.69倍。考虑到公司 作为汽车微电机行业龙头，成长空间广阔，且积极拓展机器人相关业务，因此维持"买入"评 级。 风险提示： 乘用车行业销量不及预期；原材料价格波动超预期；新产品应用拓展不及预期。 | 资产负债表(百万元) | 2024A | 2025E ...

Group 1: Harmonic Magnetic Field Motor Technology - The company has developed harmonic motors that utilize harmonic magnetic fields, allowing for reduced motor size while maintaining the same output power, leading to significant material cost savings [2][4]. - The company has a long-term layout in the harmonic magnetic field motor technology field and has submitted multiple patent applications to establish a technological moat and competitive advantage [2][4]. - This technology is applicable in both micro-special motors and large motors, with broad application scenarios in industrial and automotive fields [3]. Group 2: Application and Validation of Technology - The harmonic magnetic field motor technology is being gradually applied in automotive, industrial automation, and humanoid robots, with a focus on developing customized solutions for linear joint motors, rotary joint motors, and dexterous hand motors [4]. - The company has successfully validated the technology through collaboration with Lenze, with the drum motor being the first product to enter mass production, demonstrating significant achievements in motor lightweighting, power enhancement, and cost optimization [5]. - As production scales expand, the company expects to see increasing benefits from economies of scale [5]. Group 3: Autonomous Driving and Robotics Development - The company is advancing its active perception cleaning system products, with commercial applications for L3+ level Robotaxi and unmanned delivery logistics vehicles gradually being realized [6]. - The company has begun industrial penetration of its products, adapting to various clients including Waymo, Meituan, and Didi, with expectations for more models to enter the designated business phase [6]. - The development pace of robotics differs from that of the automotive sector, necessitating dynamic adjustments to the robotics R&D team to better align with business characteristics [7][8].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's performance in H1 2025 met expectations, with revenue of 430 million yuan, down 7% year-on-year, and a net profit of 90 million yuan, down 27% year-on-year. In Q2 2025, revenue was 230 million yuan, up 2% year-on-year and up 11% quarter-on-quarter, with a net profit of 40 million yuan, down 16% year-on-year and up 3% quarter-on-quarter [1] - The company is expanding its application scenarios, particularly in the automotive sector, which saw a national sales increase of 11% year-on-year in H1 2025. The cleaning business generated 200 million yuan in revenue, down 7% year-on-year, while the motor business generated 190 million yuan, down 6% year-on-year [1][2] - The company is focusing on cost reduction and efficiency improvement, achieving a gross margin of 31.6% and a net profit margin of 19.8% in H1 2025, both down year-on-year [2] - The company is accelerating the industrialization of ADAS intelligent cleaning systems and is strategically positioning itself in the robotics sector, targeting applications in autonomous driving and logistics [3] Financial Summary - For 2025, the company is projected to achieve a revenue of 1.107 billion yuan, with a year-on-year growth rate of 15%. The net profit is expected to be 221 million yuan, with a year-on-year growth rate of 3.2% [5] - The company's earnings per share (EPS) is projected to be 1.97 yuan for 2025, with a price-to-earnings (P/E) ratio of 42.4 times [5] - The company’s total assets are expected to reach 2.114 billion yuan by 2025, with a total liability of 637 million yuan [10]

证券研究报告·公司点评报告·汽车零部件 恒帅股份（300969） 2025 年半年报点评：2025Q2 业绩符合预期， 微电机龙头长期成长可期 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） | 923.37 | 962.29 | 1,022.12 | 1,248.98 | 1,540.18 | | 同比（%） | 24.99 | 4.21 | 6.22 | 22.20 | 23.32 | | 归母净利润（百万元） | 202.10 | 213.71 | 214.68 | 264.26 | 326.19 | | 同比（%） | 38.87 | 5.75 | 0.46 | 23.09 | 23.44 | | EPS-最新摊薄（元/股） | 1.80 | 1.91 | 1.92 | 2.36 | 2.91 | | P/E（现价&最新摊薄） | 46.30 | 43.79 | 43.59 | 35.41 | 28.69 | ...

Core Business Progress - The company has made significant breakthroughs in robot technology research and development, focusing on harmonic magnetic field motor technology, which has advantages such as high power density, compact size, cost savings, low electromagnetic interference, and long lifespan [1] - The harmonic magnetic field motor technology has already achieved mass production in collaboration with Lenze on drum motors and is entering a ramp-up phase [1] - The company is customizing solutions for humanoid robots, including linear joint motors, rotary joint motors, and dexterous hand motors, aiming to create new growth areas in industrial automation and humanoid robots [1] Fluid Technology and Electric Pump Business - The electronic water pump business has become a core growth point, securing key customer contracts due to its efficient heat management and low power consumption [2] - The company is gradually configuring a production capacity of 1.5 million electronic water pumps to meet mass production demands [2] - The company is also expanding into integrated solutions in the thermal management field, enhancing product value and market competitiveness [2] Financial Performance - In the first half of 2025, the company achieved a revenue of 428 million yuan and a net profit of 84.65 million yuan, with a non-recurring net profit of 75.47 million yuan [4] - The company’s cleaning products generated a revenue of 201 million yuan, while motor products generated 192 million yuan during the same period [3] Research and Development - The company invested 15.49 million yuan in R&D in the first half of 2025, a year-on-year increase of 4.23%, focusing on harmonic magnetic field motors, new magnetic materials, electronic pump optimization, and intelligent cleaning systems [3] - The company holds a total of 64 patents, including 18 invention patents, showcasing its strong technical capabilities and product quality control [5] Future Outlook - The company plans to continue focusing on core automotive components, increase the industrialization of robot technology, and expand the market for electronic pumps and charging door assemblies [5] - The company aims to leverage global capacity layout and technological innovation to achieve performance recovery amid the trends of automotive electrification and intelligence [5]

根据市场公开信息及8月28日披露的机构调研信息，知名私募呈瑞投资近期对5家上市公司进行了调研， 相关名单如下： 1）仙琚制药 （呈瑞投资参与公司电话会议） 仙琚制药2025年中报显示，公司主营收入18.69亿元，同比下降12.56%；归母净利润3.08亿元，同比下 降9.26%；扣非净利润2.67亿元，同比下降19.52%；其中2025年第二季度，公司单季度主营收入8.61亿 元，同比下降21.72%；单季度归母净利润1.64亿元，同比下降12.89%；单季度扣非净利润1.23亿元，同 比下降34.15%；负债率16.73%，投资收益-961.69万元，财务费用-488.5万元，毛利率63.16%。 调研纪要：珀莱雅2025年半年度分红方案现金分红总额占归母净利润的比例提升到接近40%，未来将保 持优秀、可持续的分红。公司筹划港股上市，旨在全球化发展，提供充足资金支持，提升品牌形象和知 名度，增强股东回报。董事会新增独立董事范明曦女士和职工代表董事，新聘任董事会秘书薛霞女士。 2025年上半年毛利率提升至73.38%，销售费用率增加因品牌投入加大。大单品策略取得显著成效，未 来将继续迭代和品类延展。彩棠品牌深 ...

Financial Performance - The company achieved a revenue of 428 million yuan in the first half of 2025, a year-on-year decline of 7.46% [3] - The net profit attributable to the parent company was 30.42 million yuan, down 26.79% year-on-year [3] - The non-recurring net profit was 84.66 million yuan, reflecting a decrease of 30.42% compared to the previous year [3] Business Challenges and Strategies - The traditional cleaning business is currently under pressure, facing challenges in both revenue and gross profit [3] - Future focus will be on proactive cleaning business investments and customer expansion to establish technological barriers and new product development [3] - The motor business showed signs of recovery in Q2, with a warming trend in revenue [3] Technology and Product Development - The company is advancing its harmonic magnetic field motor technology, which offers advantages such as lightweight design, reduced material consumption, and cost optimization [4] - The first mass-produced product using this technology is a drum motor developed in collaboration with Lenze, which is entering the ramp-up phase [4] - The company is targeting applications in automotive, industrial automation, and humanoid robots with this technology [4] Material and Production Innovations - Research on rare earth permanent magnetic materials is crucial for the company's future development and cost control [4] - The company aims to enhance its vertical integration strategy by focusing on the industrialization of harmonic magnetic field motor technology [4] Thermal Management and Robotics - In thermal management, the company has achieved mass production of cooling manifold products and is scaling up production for electronic water pumps [4] - The robotics sector is expected to adapt its development pace to meet the fast-paced demands of the industry, potentially leading to independent operations for the robotics R&D team [5]

每经AI快讯，恒帅股份8月28日发布公告称，公司第三届第二次董事会会议于2025年8月27日在公司会 议室以现场的方式召开。会议审议了《关于2025年半年度报告及其摘要的议案》等文件。 每经头条（nbdtoutiao）——世界首例基因编辑猪肺成功移植人体 对话主要参与者：距离临床应用还有 多远？ （记者 王晓波） ...

智通财经APP讯，恒帅股份(300969.SZ)发布2025年半年度报告，该公司营业收入为4.28亿元，同比减少 7.46%。归属于上市公司股东的净利润为8465.54万元，同比减少26.79%。归属于上市公司股东的扣除非 经常性损益的净利润为7546.75万元，同比减少30.42%。基本每股收益为0.76元。 ...

格隆汇8月27日丨恒帅股份(300969.SZ)公布2025年半年度报告，上半年公司实现营业收入4.28亿元，同 比下降7.46%；归属于上市公司股东的净利润8465.54万元，同比下降26.79%；归属于上市公司股东的扣 除非经常性损益的净利润7546.75万元，同比下降30.42%；基本每股收益0.76元。 ...