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安培龙(301413):业绩稳健增长 积极开拓机器人产业新兴赛道
Xin Lang Cai Jing·2025-08-28 00:39

Core Viewpoint - The company has shown steady revenue growth, particularly in the pressure sensor business, driven by the development of the domestic electric vehicle industry and increased sensor value per vehicle [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 554 million yuan, a year-on-year increase of 34.44%, and a net profit attributable to shareholders of 42 million yuan, up 19.60% year-on-year [1]. - The company's Q2 2025 revenue was 293 million yuan, a year-on-year increase of 28.22%, while the net profit attributable to shareholders decreased by 3.09% to 22 million yuan [1]. - The pressure sensor segment generated revenue of 292 million yuan in H1 2025, a significant increase of 61.88% year-on-year, driven by increased demand from downstream customers [2]. Profitability Metrics - The gross profit margin for H1 2025 was 27.79%, down 3.04 percentage points year-on-year, with the pressure sensor segment's gross margin at 27.37%, a decrease of 2.18 percentage points [2]. - The net profit margin for H1 2025 was 7.6%, down 0.9 percentage points year-on-year, while the period expense ratio remained stable at 19.4% [2]. Business Segments - The automotive application sector saw a revenue increase of 52.97% year-on-year, contributing significantly to overall revenue growth [1]. - The company is expanding into the robotics sector, focusing on the development of force sensors, with products currently in the sample delivery phase for clients [3]. Future Outlook - The company has adjusted its net profit forecasts for 2025 and 2026 to 109 million yuan and 152 million yuan, respectively, while introducing a new forecast of 195 million yuan for 2027 [4]. - The current stock price corresponds to dynamic P/E ratios of 110, 79, and 61 for the years 2025, 2026, and 2027, respectively, reflecting a stable business foundation and rapid progress in the robotics sector [4].