创世纪(300083)：3C需求稳步扩容 25H1业绩同比高增

Core Insights - The company reported a revenue of 2.44 billion yuan for the first half of 2025, representing a year-on-year increase of 18.4%, and a net profit attributable to shareholders of 230 million yuan, up 47.4% year-on-year [1] Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of 1.39 billion yuan, reflecting a year-on-year growth of 15.7% and a quarter-on-quarter increase of 33.0% [1] - The net profit for Q2 2025 was 130 million yuan, which is a year-on-year increase of 36.0% and a quarter-on-quarter increase of 37.3% [1] - The overall gross margin for H1 2025 was 25.1%, an increase of 2.1 percentage points year-on-year, while the net profit margin was 9.8%, up 1.8 percentage points year-on-year [3] Group 2: Market and Product Analysis - Domestic sales for H1 2025 reached 2.28 billion yuan, a year-on-year increase of 15.4%, accounting for 93% of total revenue [2] - The company has expanded its overseas market presence, with export revenue of 160 million yuan in H1 2025, a significant year-on-year increase of 89.5%, raising its export revenue share to 7% [2] - The company focuses on CNC machine tools, generating 2.35 billion yuan in revenue for H1 2025, a year-on-year increase of 17.8% [2] - The flagship product, the drilling and tapping machine, benefited from the growing demand in the consumer electronics sector, achieving revenue of 900 million yuan in H1 2025, up 34.1% year-on-year [2] Group 3: Product Development and Innovation - The company is increasing investment in product development across various series, focusing on emerging industries such as AI, humanoid robots, and low-altitude economy [4] - New customized CNC machines have been launched for AI hardware and core components for humanoid robots, with ongoing upgrades to existing product lines [4] - The company is enhancing the autonomy of core functional components and has introduced a unique operating interface for its CNC systems [4] Group 4: Future Projections - Revenue projections for 2025-2027 are estimated at 5.28 billion, 6.06 billion, and 6.95 billion yuan, with a consistent year-on-year growth of 15% [5] - Net profit forecasts for the same period are 470 million, 540 million, and 630 million yuan, with a significant year-on-year increase of 96% in 2025 [5] - The expected EPS for 2025-2027 is 0.28, 0.33, and 0.38 yuan, with a corresponding PE ratio of 38, 32, and 28 times based on the stock price of 10.50 yuan as of August 25, 2025 [5]