Haoneng(SH:603809) Xin Lang Cai Jing·2025-09-01 00:32Core Viewpoint - The company reported a revenue of 1.253 billion yuan for 1H25, representing a year-on-year increase of 10.3%, and a net profit attributable to shareholders of 184 million yuan, up 13.5% year-on-year. However, Q2 performance was below expectations due to increased expenses [1][2]. Business Performance - Aerospace and automotive parts businesses achieved revenues of 167 million yuan and 1.087 billion yuan respectively in 1H25, with year-on-year growth rates of 32.2% and 7.6%. The aerospace segment is expected to maintain rapid growth due to competitive advantages and new orders from civil aviation [1]. - The automotive parts segment is projected to see continued growth in differential products, while synchronizer products face short-term pressure due to customer demand adjustments [1]. R&D and Profitability - Increased R&D investment is anticipated to support long-term growth, with Q2 gross margin at 32.1%, a year-on-year increase of 0.1 percentage points. However, the net profit margin for Q2 decreased to 12.6%, down 1.4 and 4.2 percentage points year-on-year and quarter-on-quarter respectively [2]. - Management expenses rose primarily due to increased employee compensation and one-time relocation costs [2]. Strategic Investments - The company plans to invest 100 million yuan in its wholly-owned subsidiary, focusing on the construction of core components for intelligent manufacturing. This investment aims to enhance production capabilities in high-precision gear products for robotics applications [2]. Profit Forecast and Valuation - The company maintains its profit forecast for 2025 and 2026, with the current stock price corresponding to 32 and 25 times P/E for those years. The target price has been raised by 12% to 18.4 yuan, reflecting a 20% upside potential based on the rapid emergence of humanoid robotics business [3].