BLT(SH:688333) Minsheng Securities·2025-08-28 09:23Investment Rating - The report maintains a "Recommended" rating for the company, considering its leading position in the 3D printing industry and expected profit growth [6][8]. Core Viewpoints - The company reported a revenue of 670 million yuan for 1H25, representing a year-over-year increase of 17.2%, and a net profit attributable to shareholders of 80 million yuan, up 10.0% year-over-year [3]. - The second quarter of 2025 saw significant growth, with revenue reaching 440 million yuan, a 23.1% increase year-over-year, and a net profit of 90 million yuan, up 33.4% year-over-year [3]. - The company is expanding its production scale and exploring new markets, with notable growth in customized 3D printing products and raw materials [3][4]. Summary by Sections Financial Performance - In 1H25, the company's gross margin decreased by 1.4 percentage points to 42.2%, while the net profit margin fell by 0.8 percentage points to 11.4% [3]. - The second quarter's gross margin was 44.9%, down 0.8 percentage points year-over-year, but the net profit margin improved by 1.6 percentage points to 20.7% [3]. Product Segmentation - 3D printing customized products and technical services generated 420 million yuan in revenue, a 30.5% increase, accounting for 63% of total revenue [4]. - Revenue from 3D printing equipment and accessories decreased by 6.3% to 190 million yuan, representing 28% of total revenue [4]. - Revenue from 3D printing raw materials increased by 25.3% to 60 million yuan, making up 9% of total revenue, with a gross margin increase of 11.7 percentage points to 45.9% [4]. Research and Development - The company continues to invest in research and development, with R&D expenses amounting to 130 million yuan, a year-over-year increase of 16.1% [5]. - The company has reduced its period expense ratio by 2.6 percentage points to 34.3% in 1H25, with a slight increase in sales expenses [5]. Future Outlook - The company aims to focus on overcoming key technological challenges and nurturing specialized markets, particularly in humanoid robots and new energy sectors [6]. - Projected net profits for 2025, 2026, and 2027 are expected to be 202 million yuan, 339 million yuan, and 428 million yuan, respectively [6][7].