爱柯迪（600933）：2025Q2业绩表现超预期，卓尔博股权收购进展顺利

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Views - The company reported a strong performance in H1 2025, with revenue of 3.45 billion yuan, a year-on-year increase of 6.16%, and a net profit attributable to shareholders of 573 million yuan, up 27.42% year-on-year [6] - The Q2 2025 results exceeded expectations, with a revenue of 1.784 billion yuan, and a net profit of 316 million yuan, reflecting a significant increase in profitability due to improved gross margins and foreign exchange gains [6] - The company is strategically expanding its global production bases to mitigate geopolitical risks and enhance customer response efficiency, with ongoing projects in Malaysia and Mexico [6] - The acquisition of a 71% stake in Zhuolibo is progressing smoothly, which is expected to enhance revenue and profit contributions in the coming years [6] Summary by Sections Financial Performance - In H1 2025, the automotive segment generated 3.257 billion yuan in revenue, a 4.25% increase year-on-year, while the industrial segment saw a decline of 29.01% to 71 million yuan [6] - The gross margin for H1 2025 was 29.25%, an increase of 0.58 percentage points year-on-year, with Q2 2025 gross margin reaching 29.74% [6] Global Expansion - The company is preparing for mass production at its Malaysian base, which will stabilize aluminum alloy raw material supply and enhance self-sufficiency [6] - The second phase of the Mexican factory is ramping up production, focusing on components for new energy vehicles and humanoid robots [6] Strategic Initiatives - The company is entering the robotics sector through the establishment of a subsidiary and the acquisition of Zhuolibo, aiming to replicate its automotive parts processing expertise in new business areas [6] - The projected net profits for 2025-2027 are adjusted to 1.217 billion yuan, 1.510 billion yuan, and 1.749 billion yuan respectively, with corresponding EPS of 1.24 yuan, 1.53 yuan, and 1.78 yuan [6]