兆威机电（003021）：25Q2归母净利润高速增长

Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Views - The company reported a significant growth in net profit attributable to shareholders, with a 20.72% year-on-year increase in H1 2025, reaching 113 million RMB, and a 52.28% increase in Q2 2025, amounting to 59 million RMB [1] - The company is expanding its product lines in the precision transmission field and is actively entering emerging sectors such as humanoid robotics and medical technology, showcasing strong technical capabilities [2][4] - The gross margin for H1 2025 was 31.97%, reflecting a year-on-year increase of 0.74 percentage points, while the net margin slightly decreased by 0.14 percentage points to 14.40% [3] Revenue and Profitability - In H1 2025, the company achieved revenues of 787 million RMB, a 21.93% increase year-on-year, with Q2 revenues reaching 419 million RMB, up 25.93% [1] - The revenue breakdown by business segment shows that micro transmission systems, precision injection parts, and precision molds generated revenues of 498 million RMB, 239 million RMB, and 50 million RMB respectively, with year-on-year growth rates of 20.51%, 16.25%, and 88.52% [2] Innovation and Product Development - The company is leveraging a collaborative innovation system to enhance the integration of transmission systems, micro-motor systems, and electronic control systems, successfully developing key technologies [4] - New product launches include the DM17 and LM06 bionic dexterous hand series, designed to meet diverse application needs with advanced features [4] Financial Forecast and Valuation - The company’s projected net profits for 2025-2027 are 254 million RMB, 315 million RMB, and 393 million RMB respectively, supported by its technological advancements and product diversification [5] - The estimated revenue for 2025 is 1.945 billion RMB, reflecting a growth rate of 27.57% compared to 2024 [11]