步科股份2025年中报简析：营收净利润同比双双增长，应收账款上升

Core Viewpoint - The company reported a revenue increase of 21.28% year-on-year for the first half of 2025, driven primarily by strong demand in the robotics sector, including mobile, collaborative, industrial, and humanoid robots [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 311 million yuan, up from 256 million yuan in the same period of 2024, reflecting a growth of 21.28% [1]. - Net profit attributable to shareholders was 26.11 million yuan, a 13.58% increase from 22.99 million yuan in the previous year [1]. - The gross margin was 35.5%, a slight decrease of 0.37% year-on-year, while the net margin fell by 6.41% to 8.4% [1]. - The company's accounts receivable increased by 30.41% year-on-year, reaching 135 million yuan [1]. - The company reported a significant drop in operating cash flow per share, which decreased by 81.23% to 0.07 yuan [1]. Business Model and Growth Drivers - The company's performance is primarily driven by research and development as well as marketing efforts [2]. - Analysts expect the company's performance for 2025 to reach 63 million yuan, with an average earnings per share of 0.75 yuan [2]. - The growth in revenue is attributed to robust demand in the robotics industry, particularly in collaborative and industrial robots, which are expected to maintain a strong growth trend [3]. Product Development and Innovation - The company is expanding its humanoid robot product line, focusing on core products such as frameless torque motors and other components [3][4]. - The new generation of frameless torque products has been optimized for higher torque output and improved manufacturing automation, enhancing production efficiency [4]. - The omnidirectional wheel, designed for humanoid robot chassis, offers modular design and flexibility, which is expected to significantly impact sales and market share in the future [5]. Future Outlook - The company maintains a positive outlook for overall performance growth in 2025, with expectations for continued expansion in the robotics sector [6]. - Plans for international expansion include establishing a presence in Germany to serve developed markets [6]. - The company aims to leverage automation technology to enhance manufacturing value and capitalize on the integration of artificial intelligence and robotics [6].