Shang Hai Zheng Quan Bao·2025-10-05 13:00Core Insights - The company has made significant progress in the precision components sector for humanoid robots, with overseas revenue expected to exceed 35 million yuan in the first half of 2025, far surpassing the 10.11 million yuan achieved in the entirety of 2024 [1] - As of the end of August, the total value of humanoid robot structural components delivered by the company has exceeded 80 million yuan [1] Group 1 - The company has supplied over 400 product SKUs to humanoid robot clients, primarily focusing on dexterous hand drive components, and is gradually expanding into larger drive components [3] - The company has established a core competitive advantage in this field through ultra-precision mold processing technology and comprehensive metal and non-metal processing capabilities [3] - To support global business development, the company is enhancing its overseas production capacity, with factories in Vietnam, Mexico, and Hungary being developed to meet growing demand [3] Group 2 - The company has seen a rapid increase in R&D expenses in the first half of 2025, primarily to prepare for mass production projects for major consumer electronics clients and to meet the rising demand for AI glasses [3] - The company has strategically positioned itself in the AI computing business, developing high-speed backplane connectors for servers and workstations, and has acquired a 51% stake in Shenzhen Weixian Technology Co., Ltd. to enrich its product line [3] Group 3 - The company addressed investor concerns regarding net profit fluctuations, noting that a non-recurring gain of approximately 180 million yuan from the disposal of a subsidiary's equity in Q1 2024 led to a year-on-year decline in net profit for the first half of the year [4] - However, the company's net profit excluding non-recurring items grew by over 30% year-on-year, indicating ongoing improvement in operational performance [4] - The company has established a strategic framework focusing on "consumer electronics + new energy" as its dual main businesses, with artificial intelligence (including humanoid robots and AI computing) as a new growth point [4] Group 4 - The management stated that the consumer electronics business will continue to provide stable returns, while the new energy business is expected to maintain growth over the next three years [4] - Although the humanoid robot business currently represents a small revenue share, it has significant market potential and is expected to become a "third pole" for the company's performance growth [4] - The company is transitioning from a traditional consumer electronics component supplier to a precision manufacturing platform covering multiple fields, including consumer electronics, new energy, and artificial intelligence, to seize opportunities in emerging industries and ensure sustainable development [4]