Investment Rating - The report maintains a "Buy" investment rating for the company [11] Core Insights - The company has shown significant growth in cash flow and is expanding into AI servers and humanoid robots [5][10] - In H1 2025, the company achieved revenue of 1.087 billion yuan, a year-on-year increase of 33.51%, and a net profit of 149 million yuan, up 30.71% year-on-year [4][5] - The company is leveraging its expertise in precision injection molding to diversify into various applications, including automotive, health appliances, and robotics [10] Financial Performance - In H1 2025, the company's operating revenue, net profit, and non-recurring net profit were 1.087 billion yuan, 149 million yuan, and 136 million yuan, respectively, reflecting increases of 33.51%, 30.71%, and 90.51% year-on-year [5] - The gross margin and net margin for H1 2025 were 30.08% and 14.32%, showing slight improvements due to a higher proportion of high-margin products and cost control [5] - The operating cash flow for H1 2025 reached 162 million yuan, a substantial increase of 285.71% year-on-year, attributed to increased sales receipts [6] Business Segmentation - In H1 2025, revenue from injection products, health products, and precision molds was 514 million yuan, 341 million yuan, and 198 million yuan, representing year-on-year growth of 42.05%, 16.54%, and 62.50% respectively [9] - The precision mold business is accelerating its growth, contributing to the overall revenue and profitability increase [9] Future Outlook - The company forecasts revenues of 2.229 billion yuan, 2.740 billion yuan, and 3.248 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 2.53 yuan, 3.34 yuan, and 3.98 yuan [11][13] - The current stock price corresponds to a PE ratio of 40.8, 30.9, and 25.9 for the years 2025, 2026, and 2027 [11]
唯科科技（301196）：公司事件点评报告：现金流大幅增长，布局AI服务器与人形机器人领域