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华锐精密(688059):半年度业绩表现靓眼 持续拓展产品系列

Core Insights - The company reported a total revenue of 519 million yuan for H1 2025, representing a year-on-year increase of 26.48% [1] - The net profit attributable to shareholders reached 85 million yuan, up 18.80% year-on-year [1] - The company achieved a non-recurring net profit of 84 million yuan, reflecting an 18.32% year-on-year growth [1] Financial Performance - In Q2 2025, total revenue was 297 million yuan, showing a year-on-year growth of 23.65% and a quarter-on-quarter increase of 33.73% [1] - The net profit attributable to shareholders for Q2 was 56 million yuan, which is a 2.72% year-on-year increase and a significant 92.43% quarter-on-quarter growth [1] - The non-recurring net profit for Q2 was also 56 million yuan, with a year-on-year growth of 2.26% and a quarter-on-quarter increase of 96.97% [1] Market Dynamics - The improvement in performance is attributed to a recovery in downstream demand, enhanced product performance, and the completion of a previous equity incentive plan, which eliminated related costs [2] - The company has accelerated its overseas market expansion, with overseas revenue growing by 20.62% year-on-year in H1 2025 [2] Strategic Initiatives - The company is actively investing in emerging fields such as robotics and high-precision cutting tools, responding to demands in aerospace and robotics [2] - In H1 2025, the company completed the development of three blade models, with two already in testing [2] - The company is enhancing its capabilities in CNC tool research and has developed a collaborative development ability for CNC blades and bodies, improving overall product competitiveness [2] Future Projections - Revenue projections for 2025-2027 are 1.031 billion yuan, 1.284 billion yuan, and 1.509 billion yuan, respectively, with net profits of 182 million yuan, 248 million yuan, and 340 million yuan [3] - Corresponding price-to-earnings ratios are expected to be 31.75, 23.22, and 16.95 times for the respective years [3] - The company is well-positioned to capitalize on the recovery of the manufacturing sector and the restructuring of the industry chain, which is expected to drive continued rapid growth in operating performance [3]