江苏雷利(300660)：激光雷达电机获多客户定点 具身智能产品多方位布局

Core Viewpoint - The company reported a strong revenue growth of 20.71% year-on-year for the first half of 2025, driven by robust performance in various sectors including home appliances and automotive components [1][3]. Financial Performance - For the first half of 2025, the company achieved a revenue of 1.958 billion yuan, with a net profit attributable to shareholders of 186 million yuan, reflecting an increase of 8.45% year-on-year [1]. - In Q2 2025, the company recorded a revenue of 1.050 billion yuan, a year-on-year growth of 16.62%, but the net profit attributable to shareholders decreased by 6.13% [1]. - The gross margin for the first half of 2025 was 27.20%, down by 1.71 percentage points year-on-year, while the net profit margin was 9.51%, a decrease of 1.08 percentage points [2]. Segment Performance - Revenue from home appliances, automotive components, industrial control, and medical and sports health sectors for H1 2025 was 1.119 billion, 379 million, 254 million, and 123 million yuan respectively, with year-on-year growth rates of 5.09%, 63.72%, 34.49%, and 30.91% [1]. - The automotive components segment benefited from accelerated production of laser radar motors and electric air conditioning compressor motor components [1]. Research and Development - The R&D expense ratio for H1 2025 was 4.43%, showing a slight decrease of 0.24 percentage points year-on-year, indicating stable R&D investment [2]. - The company has secured multiple clients for its automotive laser radar motors, including Hesai, BYD, and SUTENG, and is developing laser radar optoelectronic module products [2]. Investment Outlook - The company is positioned as a leading player in the global micro-motor industry, with strong performance and technological capabilities across various sectors [3]. - Revenue projections for 2025-2027 are 4.286 billion, 5.206 billion, and 6.295 billion yuan, with net profits expected to be 370 million, 462 million, and 575 million yuan respectively [3].