TOPSUN(SZ:002779) Great Wall Securities·2025-08-28 08:21Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company is experiencing steady performance improvements, with a solid foundation in its main business and an active expansion into the robotics sector [2][4] - The company has increased its R&D investment significantly, with a 127.31% year-on-year growth in R&D spending in the first half of 2025, indicating a strong commitment to innovation [3] - The company is strategically expanding its overseas production capacity, increasing its investment in its Thai subsidiary from $8 million to $28 million to enhance its ability to mitigate tariff risks [3] - The company is actively pursuing opportunities in the robotics industry, including investments in humanoid and quadruped robots, which are expected to become new growth drivers [4][9] Financial Summary - The company's revenue is projected to grow from 667 million yuan in 2023 to 2,088 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 31.7% [1] - The net profit attributable to the parent company is expected to increase from 48 million yuan in 2023 to 221 million yuan in 2027, reflecting a strong growth trajectory [1] - The company's return on equity (ROE) is forecasted to rise from 6.9% in 2023 to 18.2% in 2027, indicating improved profitability [1] - The earnings per share (EPS) is anticipated to grow from 0.26 yuan in 2023 to 1.20 yuan in 2027, showcasing the company's potential for shareholder value creation [1] Business Performance - In the first half of 2025, the company achieved a revenue of 503 million yuan, a year-on-year increase of 5.29%, and a net profit of 51 million yuan, up 13.99% year-on-year [1][2] - The company's main products showed varied performance, with the wheeled lawn mower generating 284 million yuan in revenue (up 11.33% year-on-year) and the chainsaw declining by 28.50% to 74 million yuan [2] - The overall gross margin for the first half of 2025 was 29.37%, reflecting a year-on-year increase of 2.61 percentage points [2]