同益中（688722）：静待超美斯业绩改善，人形机器人灵巧手腱绳通过重点用户验证

Investment Rating - The investment rating for the company is "Buy-A" and is maintained [1][7] Core Views - The company has shown significant revenue growth, with total revenue of 480 million yuan in the first half of 2025, representing a year-on-year increase of 89.7% [1] - The company is expected to benefit from the performance recovery of its partner, Chaomeisi, and the expansion of applications in humanoid robots and marine engineering [7] - The company has made progress in developing tendon materials for robotic hands, which have passed tests by key downstream users [5] Financial Performance - In the first half of 2025, the company achieved a net profit of 70 million yuan, up 41.1% year-on-year, with a non-recurring net profit of 60 million yuan, up 46.9% year-on-year [1] - For Q2 2025, the company reported total revenue of 230 million yuan, with a year-on-year increase of 60.7% [1] - The revenue from UHMWPE fibers and non-woven fabrics in the first half of 2025 was 210 million yuan and 130 million yuan, respectively, with year-on-year growth of 22.3% and 57.5% [3] Future Projections - The projected net profits for 2025, 2026, and 2027 are 200 million yuan, 240 million yuan, and 290 million yuan, respectively, with corresponding P/E ratios of 22, 18, and 15 [6] - The company is expected to see a recovery in high-margin composite material orders and growth in medical fibers and robotic tendon materials [6][7] Market Data - As of September 3, 2025, the closing price of the stock was 19.12 yuan, with a market capitalization of 4.296 billion yuan [3][4] - The company has a total share capital of 225 million shares, with 224 million shares in circulation [3]