柯力传感(603662)2025年中报点评：业绩增速表现亮眼 聚焦机器人传感器领域

Core Viewpoint - The company reported strong revenue and profit growth in the first half of 2025, driven by the consolidation of new subsidiaries and active investment in the robotics sensor sector [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 685 million yuan, a year-on-year increase of 23.40% - The net profit attributable to shareholders was 173 million yuan, reflecting a year-on-year growth of 47.93% - Basic earnings per share (EPS) stood at 0.61 yuan [1] - For Q2 2025, revenue reached 370 million yuan, up 20.41% year-on-year, with net profit of 97 million yuan, an increase of 31.66% [2] - The company's gross margin and net margin were 44.04% and 28.48%, respectively, up 0.61 percentage points and 4.93 percentage points from the same period last year [2] - The period expense ratio increased by 2.15 percentage points to 25.65% compared to the previous year [2] Business Development - The company made significant progress in expanding its robotics sensor business, sending samples to over 50 domestic humanoid, collaborative, and industrial robot companies [3] - Key components include six-dimensional force/moment sensors and joint torque sensors, with nearly 1,000 units of six-dimensional force sensors shipped, and some clients moving from sample validation to small batch orders [3] - Strategic investments were completed in companies such as Kepler Humanoid Robotics and others, achieving full coverage from robot bodies to underlying key mechanical sensing components [3] Research and Development - The company has mastered key technologies related to six-dimensional force sensors, including structural decoupling, algorithm decoupling, and high-speed sampling and communication [4] - Newly purchased automated testing and machining equipment has been put into use, enhancing product precision, consistency, and production efficiency [4] - Ongoing research focuses on MEMS silicon-based six-dimensional force/torsion sensors, aiming for upgrades in miniaturization, high-frequency response, and embedded force control algorithm integration [4] Profit Forecast - Under a neutral scenario, the company expects revenues of 1.527 billion, 1.823 billion, and 2.196 billion yuan for 2025-2027, with corresponding net profits of 326 million, 394 million, and 482 million yuan, and EPS of 1.16, 1.40, and 1.72 yuan respectively [5]