Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][6]. Core Insights - The company achieved a revenue of 2.763 billion yuan in the first half of 2025, representing a year-on-year growth of 19.29%. The net profit attributable to shareholders was 97 million yuan, up 252.49% year-on-year, with a non-recurring net profit of 80 million yuan, growing 366.27% year-on-year [1][2]. - The company is transitioning from a "consumer battery manufacturer" to a leader in "AI + edge hardware new energy solutions," with significant growth in both consumer and energy storage application scenarios [2][3]. - The company has established strategic partnerships with major global clients such as HP, DJI, Dell, and Sony, and is making significant strides in emerging AI application scenarios [3]. Financial Performance - In Q2 2025, the company reported a revenue of 1.538 billion yuan, a year-on-year increase of 16.3% and a quarter-on-quarter increase of 25.6%. The net profit for the same period was 65 million yuan, reflecting a year-on-year growth of 167.4% and a quarter-on-quarter growth of 104% [1]. - The gross margin for the first half of 2025 was 18.74%, with a net margin of 3.50%, showing a year-on-year increase of 2.32 percentage points [1]. - The company expects revenues for 2025-2027 to reach 6.21 billion, 7.36 billion, and 8.52 billion yuan, with corresponding net profits of 257 million, 374 million, and 454 million yuan, indicating robust growth rates [4][5]. Strategic Initiatives - The company launched an employee stock ownership plan in July 2025, focusing on core R&D and manufacturing personnel, reflecting confidence in long-term development [3]. - The company plans to double its cooperation scale with key players in the low-altitude economy, particularly in the drone sector, while also expanding its client base in this area [3].
豪鹏科技（001283）：2025年半年报点评：业绩符合预期，乘AI之势，铸能源之芯