VEICHI(SH:688698) Minsheng Securities·2025-08-28 05:04Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [5][12]. Core Views - The company achieved a revenue of 897 million yuan in H1 2025, representing a year-over-year growth of 16.39%, with a net profit attributable to shareholders of 141 million yuan, up 4.87% year-over-year [1]. - The company's core products continue to show steady growth, with significant increases in the new digital energy business, which saw a revenue increase of 451.62% year-over-year [1][2]. - The company is positioned as a quality domestic industrial control manufacturer, with expected revenue growth rates of 20.5%, 20.3%, and 18.4% for 2025, 2026, and 2027, respectively [3]. Revenue and Profitability - In H1 2025, the company generated 559 million yuan from variable frequency drives, with a gross margin of 42.38%, and 290 million yuan from servo systems, with a gross margin of 31.16% [1]. - The overseas market contributed 242 million yuan in revenue, reflecting a year-over-year growth of 22.34% and a gross margin of 48.89%, which is approximately 15 percentage points higher than the domestic market [2]. - The company’s market share in the low-voltage variable frequency drive sector was 3.02% in 2024, ranking fourth among domestic brands, while the servo system market share increased to 2.30% [2]. Product Development - The company has a comprehensive range of products in the robotics field, including various modules suitable for humanoid, mobile, collaborative, and service robots [3]. - The company provides a complete set of motion actuator solutions for humanoid robots, with all core components developed in-house [3]. Financial Forecast - The projected revenues for 2025, 2026, and 2027 are 1.977 billion yuan, 2.379 billion yuan, and 2.817 billion yuan, respectively, with corresponding net profits of 303 million yuan, 385 million yuan, and 503 million yuan [3][9]. - The price-to-earnings (PE) ratios for 2025, 2026, and 2027 are expected to be 41X, 32X, and 25X, respectively [3][10].