Group 1 - The company achieved a revenue of 486 million yuan in H1 2025, representing a year-on-year increase of 25%, and a net profit attributable to shareholders of 30.96 million yuan, with a year-on-year growth of 3% [1] - The company's precision structural components business saw a revenue increase of 62% year-on-year in H1 2025, primarily driven by increased sales of TCO products to major clients like Lenovo and Dell [2] - The company's domestic and foreign sales revenue in H1 2025 were 473.32 million yuan (up 24% year-on-year) and 12.77 million yuan (up 71% year-on-year), respectively, with significant growth in foreign sales attributed to TCO product processing [2] Group 2 - The lithium battery market in China experienced a year-on-year shipment growth of 68% in H1 2025, driven by demand from the new energy vehicle sector and storage solutions [3] - The company plans to extend its industrial chain into the FPCA field through its subsidiary, Black Wukong Energy, focusing on self-developed materials and structures to enhance competitiveness [3] - The company aims to target existing precision structural component clients in the battery and energy storage sectors for its new products [3] Group 3 - The company forecasts net profits attributable to shareholders of 82 million yuan, 100 million yuan, and 125 million yuan for 2025-2027, with corresponding P/E ratios of 44.9, 36.7, and 29.3 times [4] - The growth logic for the industry focuses on demand increases from new energy vehicles and energy storage, alongside technological upgrades such as solid-state batteries [4] - The company emphasizes business alignment with upstream nickel-based materials and stable partnerships in its operational strategy [4]
华源证券：给予远航精密增持评级