精工科技（002006）：营收利润双增，碳纤维布局加速

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved significant revenue growth of 10.31% year-on-year, reaching 1.061 billion yuan in H1 2025, with a net profit increase of 15.55% to 113 million yuan [1] - The carbon fiber equipment business is a key growth driver, with revenue from complete carbon fiber production lines increasing by 75.03% year-on-year to 569 million yuan in H1 2025 [2][3] - The company is focusing on diversifying its product offerings, which helps mitigate operational risks and enhances market opportunities [3] Financial Performance - In H1 2025, the company's gross margin improved to 28.60%, up by 2.80 percentage points year-on-year, while the net profit margin increased to 10.69%, up by 0.48 percentage points [1] - The company plans to achieve revenues of 20.52 billion yuan, 24.55 billion yuan, and 29.79 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 2.25 billion yuan, 2.78 billion yuan, and 3.37 billion yuan [4][6] Business Strategy - The company is investing in R&D, with expenses reaching 64 million yuan in H1 2025, a 23% increase year-on-year, representing a 6% R&D expense ratio [2] - The company is positioned as a leading manufacturer in the domestic carbon fiber equipment sector, benefiting from high demand in aerospace, wind power, and other advanced manufacturing fields [2][3]