Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company's revenue for H1 2024 was 103 million yuan, a decrease of 47.20% year-on-year, with a net profit of 17.06 million yuan, down 68.55% year-on-year, primarily due to the mixed-stepper motors and linear actuators being affected by the cyclical impacts in the industrial control and medical device markets [3] - The company has seen an increase in profitability, with a gross margin rising to 53.60%, up 2.18 percentage points [3] - The company is expected to face a decline in net profit for 2024-2025, with revised forecasts of 49 million yuan and 61 million yuan respectively, down from previous estimates of 97 million yuan and 125 million yuan [3] - The company has been recognized as an "Outstanding Supplier of Humanoid Robots" and is expanding into new product areas such as solar tracking motors and electric motors for new energy vehicles, which are expected to drive future growth [3] - The company is focusing on R&D, with expenses of 11.51 million yuan in H1 2024, and has launched new products to enhance its product matrix [3] Financial Summary - For 2024, the company is projected to have a revenue of 212 million yuan, a decrease of 25.0% year-on-year, with a net profit of 49 million yuan, down 39.6% year-on-year [4] - The gross margin is expected to be 53.9% in 2024, with a net margin of 23.1% [4] - The company's earnings per share (EPS) for 2024 is projected to be 0.36 yuan, with a price-to-earnings (P/E) ratio of 38.9 [4] - The total assets are expected to reach 747 million yuan by 2024, with total liabilities of 69 million yuan [4]
鼎智科技：北交所信息更新：工控+医疗器械市场阶段性影响导致业务下滑，机器人打开业绩增量