LS BEARINGS(SH:600592) Guoxin Securities·2025-08-27 08:14Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][20] Core Views - The company experienced a decline in revenue by 18.57% year-on-year in the first half of 2025, while the net profit attributable to the parent company increased by 0.61% [1][8] - The company is a leader in the joint bearing market with a 75% market share and is expected to benefit significantly from the growth opportunities in humanoid robots [3][2] - The company is increasing its investment in emerging fields such as humanoid robots, with a research and development expense ratio of 7.54%, up by 1.20 percentage points year-on-year [2][3] Financial Performance Summary - In the first half of 2025, the company achieved revenue of 745 million yuan, a decrease of 18.57% year-on-year, and a net profit of 65 million yuan, an increase of 0.61% [1] - The second quarter of 2025 saw revenue of 336 million yuan, down 23.73% year-on-year, while net profit rose by 19.97% to 35 million yuan [1] - The gross margin and net margin for the first half of 2025 were 26.99% and 8.72%, respectively, both showing a decline compared to the previous year [1] - The company’s domestic and overseas revenues were 599 million yuan and 146 million yuan, respectively, with year-on-year declines of 20.88% and 7.47% [2] Revenue and Profit Forecast - The company forecasts net profits for 2025, 2026, and 2027 to be 180.8 million yuan, 223.1 million yuan, and 273.5 million yuan, respectively, with corresponding PE ratios of 50, 40, and 33 times [3][4]