Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's performance in the first half of 2025 shows significant growth, with revenue, net profit, and net profit excluding non-recurring items increasing by 42%, 228%, and 365% year-on-year, respectively [2] - The growth is primarily driven by the substantial increase in sales of the new energy servo systems and the optimization of customer payments [2][3] - The company has successfully managed costs through internal optimization and improved production efficiency, resulting in a gross margin of 41.71% and a net margin of 24.46% in the first half of 2025 [2] Revenue and Profit Forecast - The company forecasts total revenue to grow from 135.07 million in 2023 to 270.40 million by 2027, with a compound annual growth rate (CAGR) of approximately 22.30% [1] - The net profit attributable to the parent company is expected to increase from 12.73 million in 2023 to 72.24 million by 2027, reflecting a significant growth trajectory [1] Business Segments Performance - The new energy servo system segment achieved a revenue increase of 205.31% year-on-year in the first half of 2025, driven by the acceleration of green low-carbon transformation [3] - The aerospace and military sectors contributed to stable demand, with revenue growth of 1.18% year-on-year in the same period, supported by high technical barriers and strong customer loyalty [3] - The industrial control servo system segment experienced a slight revenue decline of 0.19% year-on-year, although its gross margin improved [3] Strategic Outlook - The company aims to deepen its strategic layout in the servo system market, focusing on military applications, new energy breakthroughs, and industrial empowerment [4] - The report highlights the dual opportunities in the military industry and the new energy sector, positioning the company for future growth [4] - The company has adjusted its profit forecasts for 2025-2027, reflecting improved customer payment conditions and new product launches, with corresponding P/E ratios of 108, 82, and 63 [4]
星辰科技（832885）：新能源伺服系统与新品放量，叠加客户回款优化，25H1业绩同比+228%