JEE(SH:688162) Xin Lang Cai Jing·2025-08-26 08:37Core Viewpoint - The company reported a revenue of 1.899 billion yuan for 1H25, representing a year-on-year increase of 26.0%, and a net profit attributable to shareholders of 40 million yuan, up 69.5% year-on-year, although the performance slightly missed expectations due to higher-than-expected expense growth [1] Financial Performance - For 1H25, the company achieved a revenue of 1.899 billion yuan, with a net profit of 40 million yuan and a non-recurring net profit of 25 million yuan, marking a turnaround from losses year-on-year [1] - In 2Q25, revenue was 939 million yuan, showing a quarter-on-quarter increase of 42.4% but a slight decline of 2.1% compared to the previous quarter; net profit was 13 million yuan, reflecting a year-on-year turnaround but a quarter-on-quarter decrease of 49.8% [1] Business Segments - The smart equipment business generated revenue of 1.117 billion yuan in 1H25, down 3.8% year-on-year, attributed to the company's focus on order quality; the electric drive business saw revenue of 781 million yuan, up 126.1% year-on-year, driven by significant projects with major clients [2] - The company secured over 1.8 billion yuan in new orders in 1H25, with more than 500 million yuan from overseas projects, indicating steady progress in its major client and international strategies [2] Profitability and Cost Management - The gross margins for the smart equipment and electric drive segments improved to 17.4% and 12.8%, respectively, benefiting from enhanced order quality and product structure optimization [3] - The expense ratio for 2Q25 was 15.3%, with management expenses slightly decreasing and R&D expenses increasing quarter-on-quarter [3] Future Outlook - The company is exploring opportunities in the humanoid robotics sector, positioning itself as a solution provider for industrial applications and aiming to leverage its technological expertise in smart equipment and electric control [3] - The company maintains its profit forecasts for 2025 and 2026 at 150 million yuan and 210 million yuan, respectively, with a target price increase of 35.1% to 38.5 yuan, indicating an 18.75% upside potential from the current stock price [4]