Investment Rating - The investment rating for the company is "Outperform" (maintained) [5] Core Views - The company achieved a total revenue of 503 million yuan in H1 2025, representing a year-on-year growth of 44.86%, and a net profit attributable to the parent company of 85 million yuan, up 39.96% year-on-year. The earnings forecast for 2025-2027 has been revised upwards, with expected net profits of 181 million, 226 million, and 267 million yuan respectively [5][6] - The growth is driven by the expansion of actuator sales and the development of robotics, with a projected net profit growth of 40% in H1 2025 [5][6] Financial Performance Summary - In H1 2025, revenue from sensor products was 154 million yuan (up 19.7% YoY), actuator products reached 226 million yuan (up 77.41% YoY), and controller products generated 117 million yuan (up 32.50% YoY) [6] - The gross margin for sensor products was 49.61%, for actuators it was 25.27% (up 0.89 percentage points YoY), and for controllers it was 22.22% (up 7.5 percentage points YoY) [6] - The company is progressing with capacity expansion projects, including the completion of the second phase of the Yunmeng Electronics project, which is expected to enhance production capacity significantly [6] Financial Forecasts - The projected financials for the company are as follows: - Revenue (million yuan): 2023A: 653, 2024A: 826, 2025E: 1068, 2026E: 1310, 2027E: 1555 [7] - Net profit (million yuan): 2023A: 114, 2024A: 138, 2025E: 181, 2026E: 226, 2027E: 267 [7] - EPS (yuan): 2023A: 0.63, 2024A: 0.77, 2025E: 1.01, 2026E: 1.26, 2027E: 1.49 [7]
开特股份（832978）：执行器放量+机器人拓展驱动成长，2025H1实现归母净利润+40%