GUOMAO REDUCER(SH:603915) Soochow Securities·2025-08-29 08:47Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance is under short-term pressure, but its flagship products are performing well [2] - The company is seizing opportunities in the embodied intelligence sector and is building an ecosystem for robotic gearboxes [5] Financial Performance Summary - In the first half of 2025, the company achieved revenue of 1.29 billion yuan, a year-on-year increase of 1.71%, while the net profit attributable to shareholders was 107 million yuan, a decrease of 26.97% [2] - The company's sales gross margin for the first half of 2025 was 20.46%, down 3.07 percentage points year-on-year, with a net profit margin of 8.43%, down 3.1 percentage points year-on-year [3] - As of the first half of 2025, the company's inventory decreased by 7.38% year-on-year, and contract liabilities decreased by 2.76% year-on-year [4] Product Performance Summary - In the first half of 2025, the revenue from gearboxes was 1.25 billion yuan, a year-on-year increase of 2.44%, while other components generated revenue of 40 million yuan, a year-on-year increase of 28.94% [2] - The company saw a growth of approximately 5% in industrial transmission gearboxes and a 15% increase in modular gearbox sales, while the sales of cycloidal pinwheel gearboxes decreased by about 8% [2] Future Outlook - The company is actively expanding its customer base and conducting sample trials in the embodied intelligence sector, with a focus on harmonic and precision gearboxes [5] - The company has established a joint venture with KLAI Electric to deepen cooperation in the field of robotic and mechanical arm joint modules [5]