LSKJ(SZ:300680) KAIYUAN SECURITIES·2025-08-31 03:05Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in H1 2025 met expectations, with revenue of 1.224 billion yuan, a year-on-year increase of 15.44%, and a net profit attributable to shareholders of 105 million yuan, a slight increase of 1.38% year-on-year. The automotive parts business remains stable, while the humanoid robot segment, including harmonic reducers and dexterous hands, has made multiple breakthroughs, establishing a dual-driven growth model of "automotive + robotics" [2][3] - The company maintains its profit forecast, expecting net profits attributable to shareholders to be 401 million yuan, 603 million yuan, and 761 million yuan for 2025-2027, corresponding to a current price-to-earnings ratio (PE) of 31.8, 23.9, and 18.0 times, respectively [2] Segment Summaries - EGR Business: In H1 2025, revenue reached 451 million yuan, a year-on-year increase of 27.44%. The company benefited from the trend of hybrid vehicles, increasing its market share in the passenger car sector and achieving breakthroughs in the commercial vehicle market [3] - New Energy Business: Revenue was 484 million yuan, a year-on-year increase of 6.05%. The company focused on electric motor core business and successfully developed welding technology for thin materials of 0.2mm, with significant growth potential [3] - Precision Automotive Parts: Revenue reached 287 million yuan, a year-on-year increase of 19.61%. The company accumulated 50 small assembly projects in the first half of the year, with several projects expected to ramp up in the second half [3] - Humanoid Robot Business: The company is leveraging its precision manufacturing capabilities to focus on key components such as harmonic reducers and joint modules. A new lightweight harmonic reducer has been developed, reducing weight by 30%-40% compared to traditional products. The company also invested in a technology firm to enhance sensor technology for dexterous hands [4]