VEICHI(SH:688698) Soochow Securities·2025-08-26 07:34Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 met market expectations, with a revenue of 897 million yuan, a year-on-year increase of 16.39%, and a net profit attributable to shareholders of 141 million yuan, up 4.87% year-on-year [8] - The company is focusing on a strategy of "internal growth + open cooperation" in its robotics business, aiming to enhance its product offerings and market presence [9] - The company has experienced a slowdown in overseas growth and a decline in gross margin due to intensified price competition, but it continues to invest in strategic business areas [8][9] Financial Performance Summary - Total revenue projections for the company are as follows: 1,305 million yuan in 2023, 1,640 million yuan in 2024, 1,930 million yuan in 2025, 2,329 million yuan in 2026, and 2,809 million yuan in 2027, with year-on-year growth rates of 44.03%, 25.70%, 17.70%, 20.64%, and 20.61% respectively [1] - Net profit attributable to shareholders is projected to be 190.80 million yuan in 2023, 245.03 million yuan in 2024, 295.58 million yuan in 2025, 365.63 million yuan in 2026, and 441.53 million yuan in 2027, with year-on-year growth rates of 36.38%, 28.42%, 20.63%, 23.70%, and 20.76% respectively [1] - The company's earnings per share (EPS) is expected to be 0.89 yuan in 2023, 1.15 yuan in 2024, 1.38 yuan in 2025, 1.71 yuan in 2026, and 2.07 yuan in 2027 [1] Market and Product Insights - The company has seen a significant increase in its digital energy segment, with revenue growing by 451.62% year-on-year in the first half of 2025 [8] - The domestic revenue for the first half of 2025 was 638 million yuan, a year-on-year increase of 14.88%, while overseas revenue was 242 million yuan, up 22.34% year-on-year [8] - The company is expanding its product matrix in the inverter and servo system markets, with a focus on high-margin applications in various industries [8][9]