JingPinTeZhuang(SH:688084) Guotou Securities·2025-08-21 07:15Investment Rating - The report assigns a "Buy-A" investment rating to the company with a 12-month target price of 121.5 CNY [4][7]. Core Views - The company achieved a revenue of 76.65 million CNY in H1 2025, representing a year-on-year increase of 112.6%, while narrowing its net loss to 7.55 million CNY from 19.77 million CNY in the same period last year [1]. - The recovery in industry demand and continuous release of orders contributed to the company's improved performance, with a gross margin of 25.1%, down 4.8 percentage points year-on-year [1]. - The company is focusing on its core business of "AI + Robotics," with significant revenue growth across its main product lines, although profitability varied among them [2]. Financial Performance Summary - In H1 2025, the company reported a gross margin of 25.1%, with a notable decrease in losses compared to the previous year [1]. - R&D investment increased to 24.95 million CNY in H1 2025, reflecting a growth of 2.12% year-on-year [3]. - The company’s inventory rose by 36.6% to 209 million CNY compared to the beginning of the year, indicating proactive preparation for future demand recovery [3]. Revenue and Profit Forecast - The projected net profits for 2025, 2026, and 2027 are 2.3 million CNY, 7 million CNY, and 11.3 million CNY, respectively, with growth rates of turning profitable, 209%, and 61.6% [4]. - The average price-to-book (PB) ratio for comparable companies in 2025 and 2026 is estimated at 5.7 and 5.5 times, respectively [4]. Market Position and Valuation - The company is compared with peers such as Zhong无人机, 航天彩虹, and 绿地谐波, with a projected PB of 4.8 times for 2026, reflecting its high growth potential in the "AI + Robotics" sector [4][10].