Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a total revenue of 1.947 billion yuan for the first half of 2025, representing a year-on-year growth of 15.29%, and a net profit attributable to shareholders of 102 million yuan, which is an increase of 80.08% year-on-year [1] - The strong growth in the intelligent computing business is expected to continue, driven by the robust demand in the AI industry, with the subsidiary Tengyun Zhikuan achieving a revenue of 298 million yuan, up 146.37% year-on-year, and a net profit of 162 million yuan, accounting for over 100% of the company's net profit [2] - The company is focusing on providing full-cycle services for AIGC high-performance infrastructure, targeting long-tail customers with flexible computing power leasing services through the HAT cloud platform [2] - The company has developed a diverse range of products that cater to various AI+ application scenarios, including AI PCs and AI industrial computers, and has successfully deployed multiple large models locally [3] - The industrial IoT business has seen a revenue increase of 126.38%, reaching 145 million yuan, with a focus on intelligent controllers and machine vision controllers [4] Financial Summary - Revenue projections for 2025-2027 are estimated at 4.662 billion yuan, 5.556 billion yuan, and 6.390 billion yuan, respectively, with net profits of 300 million yuan, 417 million yuan, and 509 million yuan, corresponding to P/E ratios of 45.02, 32.39, and 26.55 [4][5] - The company is expected to achieve a net profit margin of 7.5% by 2026 and 8.0% by 2027, with a projected return on equity of 16.21% in 2026 and 17.43% in 2027 [5][16]
智微智能（001339）：智算+机器人控制器双轮驱动，实现全面AI