Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The mechanical components processing industry is expected to benefit from global industrial iteration and domestic demand expansion, with mechanical component exports likely to continue growing [6] - The company reported a year-on-year increase of 37% in net profit attributable to shareholders for the first half of 2025, driven by capacity release and the consolidation of Byang Precision's aviation business expansion [5][7] - The company is positioned as a significant supplier in the global equipment manufacturing sector, with a comprehensive and competitive industrial system in mechanical components processing [6] Financial Performance - For the first half of 2025, the company achieved revenue of 443 million yuan (up 19% year-on-year) and a net profit of 34.3 million yuan (up 37% year-on-year) [7] - The revenue for Q2 2025 was 261 million yuan (up 17% year-on-year and up 43% quarter-on-quarter), with a net profit of 18.79 million yuan (up 8% year-on-year and up 21% quarter-on-quarter) [7] - The company’s revenue from oil and gas fluid control equipment and components increased by 19% year-on-year, while revenue from the aviation sector surged by 48% year-on-year [7] Profit Forecast and Valuation - The forecasted net profits for the company from 2025 to 2027 are 95 million yuan, 111 million yuan, and 128 million yuan, respectively, corresponding to price-to-earnings ratios of 34.9, 29.9, and 25.7 times [5][8] - The company is expected to maintain a robust growth trajectory, with projected revenue growth rates of 13.20% in 2025, 13.71% in 2026, and 13.81% in 2027 [8]
优机股份（833943）：2025H1归母净利润yoy+37%，产能释放叠加并表比扬精密共驱航空业务扩张