捷昌驱动（603583）：中报业绩超预期，三大业务共振向上

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 2.007 billion yuan in the first half of 2025, representing a year-on-year growth of 27.31%. The net profit attributable to shareholders was 271 million yuan, up 43.29% year-on-year [7] - The company is making significant progress in its global layout, enhancing supply chain resilience, and has completed the first phase of its logistics and production base in Europe [7] - The company has made notable breakthroughs in R&D innovation, particularly in robotic actuators, which are expected to become a new growth point [7] - The forecast for net profit attributable to shareholders for 2025-2027 is 504 million, 651 million, and 792 million yuan, respectively, with corresponding PE ratios of 30, 23, and 19 times [7] Financial Performance - The company’s revenue is projected to grow from 3.034 billion yuan in 2023 to 6.496 billion yuan in 2027, with a compound annual growth rate (CAGR) of 22.70% [6][8] - The net profit is expected to increase from 206 million yuan in 2023 to 792 million yuan in 2027, reflecting a significant growth trajectory [6][8] - The earnings per share (EPS) is forecasted to rise from 0.54 yuan in 2023 to 2.07 yuan in 2027 [6][8] Market Performance - The company’s stock has shown a performance of -7% over the last 12 months, compared to a 39% increase in the CSI 300 index [4]