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欧圣电气(301187):2025年中报点评:关税带来短期影响,养老产品入选工信部点

Investment Rating - The investment rating for the company is "Outperform the Market" [4][26]. Core Views - The company experienced a revenue decline in Q2 due to tariff impacts, but it is expected to return to growth once the tariff policies stabilize. The revenue for H1 2025 was 878 million, up 18.9% year-on-year, while Q2 revenue was 350 million, down 14.6% year-on-year [1][2]. - The company's profitability improved in Q2, with a gross margin of 38.33%, an increase of 4.99 percentage points, attributed to changes in product and channel structure [1][2]. - The company’s subsidiary has been selected for a pilot project by the Ministry of Industry and Information Technology and the Ministry of Civil Affairs, focusing on a nursing robot for the elderly, which is expected to enhance the company's growth in the elderly care sector [2]. Financial Summary - The company forecasts a net profit of 329 million for 2025, representing a year-on-year growth of 29.7%, with projected profits of 432 million in 2026 and 549 million in 2027 [3][24]. - The revenue projections for the company are 2.488 billion in 2025, 3.226 billion in 2026, and 3.941 billion in 2027, with growth rates of 41.0%, 29.6%, and 22.2% respectively [3][24]. - The company maintains a strong financial position with a projected return on equity (ROE) of 21.1% in 2025, increasing to 32.2% by 2027 [3][24].