Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong potential for investment returns exceeding the market benchmark by more than 15% over the next 6-12 months [4][6]. Core Insights - The company reported a significant revenue increase of 34.4% year-on-year for the first half of 2025, reaching 550 million yuan, with a net profit of 42 million yuan, reflecting a 19.6% growth [1][2]. - The pressure sensor business is identified as a major growth driver, with a revenue increase of 61.9% year-on-year, contributing 52.8% to total revenue [3]. - The company is actively investing in research and development for force sensors, establishing a dedicated team and production line to enhance its product offerings in this area [3][4]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 290 million yuan, a 28.2% increase year-on-year, with a net profit of 22 million yuan, showing a 3.1% decline compared to the previous year [1][2]. - The gross margin for the pressure sensor segment decreased by 2.2 percentage points to 27.4%, while the overall gross margin fell by 2.9 percentage points to 27.8% [2][3]. Product Development - The company is expanding its product line in force sensors, including six-dimensional force sensors and torque sensors, targeting applications in automotive and robotics sectors [3][4]. - R&D expenses increased by 45.2% year-on-year, now accounting for 6.9% of total revenue, reflecting a commitment to innovation [2]. Profit Forecast and Valuation - The net profit forecast for 2025 has been adjusted downwards to 110 million yuan, a decrease of 8.8%, while forecasts for 2026 and 2027 have been raised to 140 million yuan and 190 million yuan, respectively [4]. - The current stock price corresponds to a PE ratio of 112 for 2025, 83 for 2026, and 64 for 2027, indicating potential for future earnings growth [4].
安培龙（301413）：压力传感器收入高增，力传感器研发进展迅速