Create Century(SZ:300083) Minsheng Securities·2025-08-20 14:37Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company achieved a revenue of 2.441 billion yuan in H1 2025, representing a year-on-year increase of 18.44%, and a net profit attributable to shareholders of 233 million yuan, up 47.38% year-on-year [1] - The company is benefiting from the high demand in the 3C industry, with its 3C drilling and milling center generating 896 million yuan in revenue, a year-on-year increase of 34.07% [3] - The company is expanding its product offerings to cater to humanoid robots and low-altitude applications, enhancing its core component R&D investments [2] Financial Performance - In H1 2025, the company's gross margin was 25.03%, an increase of 2.08 percentage points year-on-year, and the net margin was 9.75%, up 1.74 percentage points year-on-year [1] - The company’s contract liabilities grew significantly by 65.17% year-on-year, indicating a strong order backlog [2] - The forecasted revenues for 2025-2027 are 5.459 billion, 6.669 billion, and 7.202 billion yuan, respectively, with net profits projected at 414 million, 558 million, and 627 million yuan [4] Market Position and Outlook - The company has established partnerships with key players in the robotics and drone sectors, enhancing its market position [2] - The company is expected to benefit from the recovery in the 3C sector, with anticipated revenue growth driven by new product demands and industry innovations [3]