Ge Long Hui A P P·2025-09-15 06:49Core Viewpoint - The report from Dongfang Securities indicates that Jingzhu Technology's net profit attributable to shareholders for the first half of the year was 61 million yuan, a year-on-year decrease of 35.2%, with a non-recurring net profit of 45 million yuan, down 40.6% year-on-year [1] Financial Performance - In Q2, the net profit attributable to shareholders was 20.41 million yuan, reflecting a year-on-year decrease of 56.2% and a quarter-on-quarter decrease of 49.2% [1] - The decline in profitability is attributed to a drop in sales from key customers at the Tianjin subsidiary, intensified competition in the automotive parts industry, and the need to pay back income taxes [1] Future Outlook - It is expected that profitability will improve in the second half of the year as the Thai factory begins production and new customer projects ramp up [1] - The first phase of equipment capacity at the Thai factory is in place, with production expected to accelerate in Q3, and customer orders are currently strong [1] - The company plans to expedite the construction of the second phase of capacity, with full production anticipated by Q1 next year [1] Market Expansion - The establishment of the Thai factory and the French subsidiary is expected to help the company explore new business and projects in North America and Europe, thereby opening up overseas growth opportunities [1] - The company has a comprehensive layout in the robotics industry, covering everything from upstream components to robotic joint assemblies, with the robotics business seen as a promising second growth curve [1] Valuation - The average PE valuation for comparable companies in 2025 is 47 times, with a target price set at 15.98 yuan, maintaining a "buy" rating [1]