西菱动力（300733）：2022H1半年报点评：H1业绩同比+130%，加速机器人零部件布局

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% within the next six months [5]. Core Insights - The company achieved a revenue of 865 million yuan in H1 2025, representing a year-on-year increase of 19.66%, and a net profit attributable to shareholders of 56 million yuan, up 130.08% year-on-year [1][2]. - The company's gross margin improved to 18.57%, an increase of 1.97 percentage points year-on-year, while the net profit margin rose to 7.53%, up 2.97 percentage points year-on-year [2]. - The traditional automotive parts segment saw revenue growth of 20.92% year-on-year, totaling 318 million yuan, driven by increased sales volume from new customers and improved capacity utilization [2]. - The turbocharger assembly segment benefited from rising installation rates in economical and hybrid vehicles, generating 451 million yuan in revenue, a year-on-year increase of 11.79% [2]. - The civil aviation business experienced significant growth, with revenue reaching 73 million yuan, up 86.80% year-on-year, supported by increasing demand for domestic aircraft orders [2]. - The company is strategically expanding into the robotics sector, focusing on harmonic reducers and joint modules, and has established a joint laboratory with a leading robotics company to enhance its technological capabilities [3]. Financial Summary - The company forecasts revenues of 2.335 billion yuan for 2025, with a projected net profit of 145 million yuan, reflecting a growth rate of 185.83% compared to 2024 [4][13]. - The earnings per share (EPS) is expected to increase from 0.17 yuan in 2024 to 0.47 yuan in 2025, with a corresponding price-to-earnings (P/E) ratio of 46.38x for 2025 [4][13]. - The gross margin is projected to improve from 15.4% in 2024 to 17.8% in 2025, while the net profit margin is expected to rise from 2.9% to 6.2% over the same period [13].