Huarui Precision(SH:688059) Shenwan Hongyuan Securities·2025-08-17 12:43Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Insights - The company reported a robust performance in H1 2025, achieving revenue of 519 million yuan, a year-on-year increase of 26.48%, and a net profit attributable to shareholders of 85 million yuan, up 18.80% [5][8]. - The revenue growth is attributed to a recovery in downstream demand and steady channel expansion, with overseas market revenue reaching 27.8 million yuan, a 20.62% increase year-on-year [8]. - The company's gross margin faced short-term pressure due to rising raw material prices and changes in product mix, with a gross margin of 37.54% in H1 2025, down 5.05 percentage points year-on-year [8]. - The company is actively engaging with Yushu Technology to explore opportunities in the robot tool market, indicating a strategic focus on precision manufacturing for humanoid robots [8]. Financial Data and Profit Forecast - The company expects total revenue to reach 977 million yuan in 2025, with a year-on-year growth rate of 28.7% [7]. - The forecasted net profit for 2025 is 169 million yuan, reflecting a significant increase of 58.3% compared to the previous year [7]. - The projected earnings per share for 2025 is 1.94 yuan, with a gross margin expected to improve to 38.9% [7].