兆威机电(003021)：主业维持稳健 灵巧手加深下游企业绑定

Core Insights - The company achieved total operating revenue of 787 million yuan in H1 2025, representing a year-on-year increase of 21.9%, and a net profit attributable to shareholders of 113 million yuan, up 20.7% year-on-year [1] - The precision components business saw significant growth, with revenue reaching 240 million yuan, a 16% increase, while the precision molds and other revenue surged by 88.5% to 50 million yuan [1] - The gross profit margin for H1 2025 was 31.97%, an increase of 0.74 percentage points year-on-year, primarily driven by the substantial growth in the gross margin of the precision components business [1] Business Segments - In the automotive electronics sector, the company has established strong ties with major clients such as Bosch, BYD, Li Auto, and Changan, focusing on high-margin new projects and supporting new models, which is expected to maintain high growth throughout the year [1] - The smart home sector represents the highest revenue share in the consumer field, while the AR/VR sector has a solid foundation for cooperation with major clients, awaiting the ramp-up of terminal devices [1] - In the medical field, the company covers products like insulin pumps and staplers, with growth dependent on the intelligent application of medical terminal devices and the progress of new projects [1] - The industrial equipment sector focuses on logistics automation trends, with successful client development in roller motor products expected to provide incremental revenue [1] Product Development - The company is focusing on the development of dexterous hands and key components, with new models LM06, DM17, and DM20 designed to meet various application needs, featuring upgrades in structural integration, degrees of freedom, tactile feedback, and control algorithms [2] - As a critical technology for humanoid robots, the optimization and price reduction of the company's products are expected to accelerate the commercialization of humanoid robots [2] - The company is transitioning towards an integrated solution provider in the motor and electronic control fields, focusing on "transmission + micro-motor + electronic control" [2] - Forecasts indicate that the company's net profit attributable to shareholders will reach 270 million yuan in 2025 and 330 million yuan in 2026, maintaining an "overweight" investment rating [2]