LSKJ(SZ:300680) Minsheng Securities·2025-08-31 05:21Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][6]. Core Views - The company is experiencing short-term pressure on profitability, but its EGR (Exhaust Gas Recirculation) business is growing rapidly, driven by strong demand from leading domestic car manufacturers and a breakthrough in heavy-duty truck EGR systems [2][4]. - The company is enhancing its smart manufacturing capabilities through accelerated production line upgrades, which significantly increase product value and core competitiveness [3]. - The dual-path approach of "core components + complete machine R&D" is being implemented, with a focus on both building complete robots and achieving breakthroughs in key components like harmonic reducers and joint modules [3][4]. Financial Performance Summary - For the first half of 2025, the company reported 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, up 1.38% year-on-year [1]. - In Q2 2025, revenue reached 618 million yuan, reflecting a year-on-year growth of 25.03%, while net profit decreased by 9.04% year-on-year to 46 million yuan [1][2]. - The company's gross margin for Q2 2025 was 18.01%, down 1.46 percentage points year-on-year, primarily due to changes in accounting standards and adjustments in sales expenses [2]. Revenue and Profit Forecast - The company is projected to achieve revenues of 2.898 billion yuan in 2025, 3.648 billion yuan in 2026, and 4.523 billion yuan in 2027, with corresponding net profits of 253 million yuan, 339 million yuan, and 478 million yuan respectively [5][10]. - The earnings per share (EPS) are expected to be 1.11 yuan in 2025, 1.49 yuan in 2026, and 2.10 yuan in 2027, with price-to-earnings (PE) ratios of 39, 29, and 21 respectively [4][5].