Investment Rating - The report maintains an "Accumulate" investment rating for the company [3][5]. Core Insights - The company achieved total operating revenue of 787 million yuan in H1 2025, representing a year-on-year increase of 21.9%. The net profit attributable to the parent company was 113 million yuan, up 20.7% year-on-year, while the net profit excluding non-recurring items reached 97 million yuan, reflecting a 33.4% increase [1]. - The micro drive system segment generated revenue of 498 million yuan, growing by 20.5% year-on-year, while precision components and precision molds and others reported revenues of 240 million yuan and 50 million yuan, respectively, with year-on-year increases of 16% and 88.5% [1]. - The gross profit margin for H1 2025 was 31.97%, an increase of 0.74 percentage points year-on-year, primarily driven by significant growth in the gross margin of precision components [1]. Business Segments Summary - In the automotive electronics sector, the company has established strong ties with major clients such as Bosch, BYD, Li Auto, and Changan, focusing on high-margin new projects and supporting new vehicle models. This segment is expected to maintain high growth throughout the year [2]. - The consumer sector, particularly in smart home products, has the highest revenue share, with good collaboration in the AR/VR field awaiting volume production of terminal devices [2]. - In the medical field, the company covers products like insulin pumps and staplers, with growth dependent on the smart application of medical devices and the progress of new projects [2]. - The industrial equipment sector focuses on logistics automation trends, with successful client development for roller motor products expected to provide incremental revenue [2]. - The company's new generation of dexterous hands, including models LM06, DM17, and DM20, has been upgraded in various aspects and is positioned as a key technology for humanoid robots, with ongoing testing and strategic partnerships with several enterprises [2]. Financial Forecast - The company is transitioning towards an integrated solution provider in the "drive + micro motor + electronic control" field. The forecasted net profits attributable to the parent company for 2025 and 2026 are 270 million yuan and 330 million yuan, respectively [3].
兆威机电（003021）：中报点评：主业维持稳健，灵巧手加深下游企业绑定