凯格精机(301338)2025中报点评：25H1业绩增长显著 业务多点开花

Core Viewpoint - The company has experienced rapid performance improvement, driven by increased demand for high-end equipment, resulting in a significant rise in overall gross margin [2] Financial Performance - In H1 2025, the company achieved operating revenue of 454 million yuan, a year-on-year increase of 26.22%, and a net profit attributable to shareholders of 67 million yuan, a year-on-year increase of 144.18% [1] - The company's gross margin and net profit margin for H1 2025 were 41.86% and 15.06%, respectively, reflecting increases of 9.6 and 7.03 percentage points [2] - The company effectively controlled overall expenses, with sales, management, financial, and R&D expense ratios at 13.6%, 5.18%, -3.68%, and 9.15%, showing changes of +0.27, -0.43, +0.71, and -0.95 percentage points, respectively [2] Product Performance - Revenue from solder paste printing equipment reached approximately 292 million yuan, a year-on-year increase of 53.56%, with a gross margin of 46.54%, up 7.57 percentage points [2] - The market share of dispensing equipment steadily increased, generating revenue of approximately 60.5 million yuan, a year-on-year increase of 26.31% [2] - Revenue from packaging equipment was approximately 59.18 million yuan, a year-on-year decrease of 38.85%, primarily due to a slowdown in industry demand [3] - Revenue from flexible automation equipment reached approximately 24.51 million yuan, a year-on-year increase of 71.33%, with the company's 800G optical module automation assembly line recognized by a globally renowned client [3] Investment Outlook - The company, as a leading provider of solder paste printing equipment, is diversifying its product offerings across multiple fields, with collaborative development across business segments [4] - Projected net profits attributable to shareholders for 2025-2027 are estimated at 138 million, 185 million, and 224 million yuan, corresponding to EPS of 1.30, 1.74, and 2.10 yuan, and PE ratios of 51.04, 38.10, and 31.53 times, respectively [4]