RTGF(SH:605133) Ge Long Hui·2025-09-06 17:28Core Viewpoint - The company demonstrates steady revenue growth in the first half of the year, driven by overseas market expansion and advancements in humanoid robotics, indicating a potential second growth curve [1][3]. Financial Performance - The company reported a revenue of 1.34 billion yuan in the first half of the year, a year-on-year increase of 16.6% - Net profit attributable to shareholders reached 98 million yuan, up 13.3% year-on-year - In Q2, revenue was 678 million yuan, reflecting a 6.2% year-on-year growth and a 2.4% quarter-on-quarter increase - Q2 net profit attributable to shareholders was 49 million yuan, a 12.8% year-on-year increase and a 2.6% quarter-on-quarter increase [1]. Market Expansion and Product Development - The company is actively expanding its overseas market presence, achieving record delivery volumes - The Mexican factory has turned profitable, with revenue of 291 million yuan in the first half, a 36.1% year-on-year increase, and a net profit of 19.95 million yuan, compared to a loss of 11.38 million yuan in the same period last year [1]. - The company is focusing on the electric steering gear casing sector, leveraging its competitive advantages to expand into North America, Europe, and Japan [1]. Strategic Initiatives - The company plans to complete a private placement by April 2025, raising funds for intelligent manufacturing projects in the new energy vehicle parts sector, aimed at enhancing automation and production efficiency [2]. - Collaboration with major domestic robotics companies is underway, focusing on humanoid robot metal shells, with substantial progress reported [3]. - A joint venture has been established with Runfu Power to develop planetary roller screws for humanoid robots and automotive chassis systems, with production capacity targets set for 2025 and 2026 [3]. Profit Forecast - The company forecasts net profits attributable to shareholders of 256 million yuan, 321 million yuan, and 398 million yuan for 2025-2027, respectively, with an updated target price of 49.14 yuan based on a 54 times PE average valuation for comparable companies [4].