Yongmaotai(SH:605208) Shanghai Securities·2025-08-20 12:28Investment Rating - The investment rating for the company is "Buy (Maintain)" [6] Core Views - The company achieved a revenue of 2.619 billion yuan in H1 2025, representing a year-on-year increase of 51.66%, while net profit decreased by 44.65% to 20 million yuan [2][3] - The company is actively expanding into new energy, new customers, and new markets, leveraging its integrated supply chain advantages to navigate market pressures [3] - Significant progress has been made in the robot business, with the establishment of the "Yongmaotai Robot Technology Research Institute" to enhance technological capabilities [4][5] Summary by Sections Revenue and Profitability - In Q2 2025, the company reported a revenue of 1.418 billion yuan, up 56.93% year-on-year, but net profit fell by 79.75% to 5 million yuan [2] - The company sold approximately 134,000 tons of aluminum alloy products in H1 2025, a year-on-year increase of about 50.70% [3] Business Development - The company has partnered with Top Group for the Ningbo Hangzhou Bay aluminum liquid direct supply project, which has an annual production capacity of 65,000 tons and is expected to reach 180,000 tons with the second phase [3] - New automotive parts projects for clients such as BYD, Geely, and Seres have entered mass production, and a smart manufacturing base for automotive parts in Mexico has been successfully established [3] Research and Innovation - R&D investment in H1 2025 was 57.54 million yuan, a year-on-year increase of 32.47%, with 41 new product and project developments [4] - The company is focusing on the development of aluminum and magnesium alloy components for robots, having secured orders from a well-known domestic robot manufacturer [5][10] Future Projections - Revenue projections for 2025-2027 are 5.45 billion, 7.42 billion, and 10.03 billion yuan, with year-on-year growth rates of 32.93%, 36.09%, and 35.23% respectively [11] - Net profit forecasts for the same period are 84 million, 113 million, and 158 million yuan, with corresponding growth rates of 122.87%, 34.65%, and 40.12% [11]