SIASUN(SZ:300024) Xin Lang Cai Jing·2025-11-13 15:19Core Viewpoint - The company reported its interim results for the six months ending September 30, 2025, which were in line with expectations, showing a slight decline in revenue but stable gross margins and a positive net profit for shareholders [1]. Financial Performance - For the first half of fiscal year 2025, the company achieved revenue of $1.833 billion, representing a year-over-year decrease of 1% (a 2% decline when excluding currency effects) [1]. - The gross margin was reported at 24.0%, an increase of 0.4 percentage points year-over-year [1]. - Adjusted EBITA was $159 million, down 10% year-over-year, while adjusted net profit was $123 million, down 8% year-over-year [1]. - Net profit attributable to shareholders was $133 million, reflecting a year-over-year increase of 3% [1]. Business Segment Performance - The Automotive Products Group (APG) revenue decreased by 3% year-over-year, with declines in the Asia-Pacific region (-6%), Europe, the Middle East, and Africa (-1%), and the Americas (-1%) [1]. - The decline in APG was primarily due to a decrease in market share among joint venture OEMs and price adjustments in mature projects, alongside weak overseas demand and trade policy uncertainties [1]. - The Industrial Products Group (IPG) revenue remained flat overall, with a decline in the Asia-Pacific region (-5%), an increase in Europe, the Middle East, and Africa (+7%), and a decrease in the Americas (-3%) [1]. - The company is expanding in sectors such as warehouse automation, medical equipment, semiconductor manufacturing, and liquid cooling systems [1]. Growth Opportunities - The company is optimistic about its humanoid robot and liquid cooling pump businesses as future growth drivers [2]. - In July 2025, the company established two joint ventures with Shanghai Mechanical and Electrical Co., entering the humanoid robot industry, focusing on core R&D and sales of joints and modules [2]. - The liquid cooling pump business is expected to benefit from the increasing demand for cooling solutions driven by higher computing power density, with a product matrix covering 18W to 1800W [2]. Investment Outlook - The company maintains a positive long-term growth outlook for its robot and liquid cooling pump businesses, with expectations for APG revenue to improve in the second half of the year as new energy vehicle projects in China ramp up [2]. - The company has adjusted its valuation outlook, considering current weak overseas demand and potential policy disruptions, indicating a more favorable investment window [2].