华锐精密（688059）：上半年业绩符合预期，下半年业绩增长可期

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][17]. Core Views - The company's performance in the first half of 2025 met expectations, with revenue of 519 million yuan, a year-on-year increase of 26.48%, and a net profit attributable to shareholders of 85 million yuan, up 18.80% year-on-year. The second quarter saw revenue of 297 million yuan, a 23.65% increase year-on-year, and a net profit of 56 million yuan, a 2.72% increase year-on-year [2][3]. - The report highlights the company's strong growth potential in the second half of 2025, driven by improved downstream demand and ongoing product performance enhancements [2][3]. Financial Summary - Total revenue projections for 2025-2027 are adjusted to 943 million yuan, 1.198 billion yuan, and 1.522 billion yuan, respectively, with corresponding net profits of 168 million yuan, 229 million yuan, and 300 million yuan [4][9]. - The earnings per share (EPS) are forecasted to be 1.92 yuan, 2.62 yuan, and 3.44 yuan for 2025, 2026, and 2027, respectively [4][9]. - The target price for the company's stock is set at 83.84 yuan, with the current price at 69.69 yuan, indicating significant upside potential [4][9]. Market Performance - The company has shown a strong market performance compared to the CSI 300 index, with a notable increase of 155% over the past 12 months [7]. Business Segments - The report details the revenue contributions from various product lines, with significant margins in CNC blades, while overall tool margins are under pressure due to rising raw material costs [8]. - The company is actively expanding its overseas market presence, with a 20.62% year-on-year increase in overseas revenue, indicating substantial growth opportunities [8]. Strategic Initiatives - The company is focusing on developing tools for key components in humanoid robots, which is a strategic direction for future growth [8].