Create Century(SZ:300083) Soochow Securities·2025-08-19 14:25Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown significant revenue growth driven by strong demand in the 3C sector, with a revenue increase of 18.44% year-on-year in the first half of 2025, reaching 2.441 billion yuan, and a net profit increase of 47.38% to 233 million yuan [2] - The company is actively expanding into emerging fields such as humanoid robots, with a notable increase in R&D investment by 49.93% year-on-year in the first half of 2025 [4] Financial Performance Summary - The company achieved total revenue of 3.529 billion yuan in 2023, with a projected increase to 4.605 billion yuan in 2024, representing a year-on-year growth of 30.49% [1] - The net profit attributable to the parent company is expected to rise from 194.49 million yuan in 2023 to 237.29 million yuan in 2024, reflecting a growth rate of 22.00% [1] - The company's gross profit margin improved to 25.06% in the first half of 2025, up by 2.1 percentage points year-on-year, indicating enhanced profitability [3] - The sales net profit margin also increased to 9.76% in the first half of 2025, up by 1.75 percentage points year-on-year [3] Market and Product Insights - The company is positioned as a leading domestic manufacturer of drilling and tapping machines, benefiting from the recovery in the 3C industry, with a significant increase in sales volume in the first half of 2025 [4] - The company is focusing on technological innovation in the robotics sector, driven by the adoption of titanium alloys and AI in the mobile phone industry, which is expected to enhance the demand for its core manufacturing equipment [4]