CORPRO(SZ:300101) NORTHEAST SECURITIES·2025-09-03 07:35Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Insights - The company's revenue for 2025H1 reached 483 million yuan, a year-on-year increase of 36.44%, with a net profit attributable to shareholders of 66 million yuan, also up 36.71% year-on-year [1]. - The growth is primarily driven by the Beidou navigation business, which generated 171 million yuan in revenue for 2025H1, marking a significant year-on-year increase of 73.21% [2]. - The company has made advancements in AI and unmanned systems, successfully developing and deploying embodied intelligence systems, which enhances its strategic positioning in the military sector [3]. Financial Performance - For 2025Q2, the company reported a revenue of 314 million yuan, reflecting a 46.11% year-on-year growth, and a net profit of 57 million yuan, which is a 77.54% increase year-on-year [1]. - The gross margin for 2025H1 was 61.54%, an increase of 4.76 percentage points compared to the previous year, indicating improved profitability [3]. - The company expects revenues of 1.12 billion yuan, 1.55 billion yuan, and 2.12 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 132 million yuan, 210 million yuan, and 309 million yuan for the same years [4][5]. Business Segments - The integrated circuit business achieved revenue of 243 million yuan in 2025H1, a year-on-year increase of 29.55%, indicating a recovery in downstream demand [2]. - The smart city construction and operation service business reported a slight decline in revenue, down 0.73% year-on-year to 55 million yuan [2]. - The machine perception and intelligence business generated 11.77 million yuan in revenue, reflecting a year-on-year growth of 3.26% [2].