蓝黛科技（002765）：二季度净利润同比增长79%，机器人业务持续推进

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][18] Core Views - The company has shown a significant increase in net profit, with a year-on-year growth of 79% in the second quarter, driven by the continuous advancement of its robotics business and the release of orders in the automotive parts sector [1][9] - The company is expected to maintain stable growth, particularly in its core businesses such as new energy gears and touch control, which are anticipated to provide profit elasticity [4][18] - The company is expanding its overseas market presence by establishing a subsidiary in Thailand, which is part of its strategy to enhance future business development [17] Financial Performance Summary - In the first half of 2025, the company achieved revenue of 1.75 billion yuan, a year-on-year increase of 8.3%, and a net profit of 110 million yuan, up 61.6% year-on-year [1][9] - For the second quarter of 2025, the company reported revenue of 940 million yuan, a year-on-year increase of 8.5%, and a net profit of 57 million yuan, reflecting a 79.1% increase year-on-year [1][9] - The company's gross margin for the second quarter was 17.6%, an increase of 4.2 percentage points year-on-year, while the net margin was 6.1%, up 2.4 percentage points year-on-year [2][13] Business Segment Performance - The electronic components business generated revenue of 790 million yuan in the first half of 2025, a decrease of 3.9% year-on-year, while the automotive parts business saw revenue of 950 million yuan, an increase of 33.2% year-on-year [3][14] - The company's power transmission business reported revenue of 960 million yuan, a year-on-year increase of 20.6%, with a net profit of 70 million yuan, up 48.3% year-on-year [3][14] - The company is focusing on high-quality clients in traditional fuel vehicle components and is increasing its sales proportion in the new energy sector [3][14] Profit Forecast and Valuation - The company is projected to achieve net profits of 220 million yuan, 300 million yuan, and 400 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.33, 0.47, and 0.61 yuan [4][18] - The estimated revenue for the company is expected to grow from 2.808 billion yuan in 2023 to 6.314 billion yuan in 2027, reflecting a compound annual growth rate [5][22]