永创智能（603901）：业绩企稳向上，静待新品放量

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Views - The company has shown stable revenue growth, with a 12.85% year-on-year increase in revenue for the first half of 2025, reaching 1.902 billion yuan, and a 19.19% increase in net profit attributable to shareholders, amounting to 81 million yuan [5][6]. - The decline in net profit after deducting non-recurring gains and losses is attributed to economic cycle fluctuations, intensified market competition, and increased costs, leading to a decrease in product gross margin [6]. - The company is actively investing in research and development for new products, including flexible sterile packaging production lines and humanoid robots, with several designs already completed [7]. Summary by Sections Company Overview - Latest closing price: 10.17 yuan - Total shares: 488 million, circulating shares: 480 million - Total market value: 5 billion yuan, circulating market value: 4.9 billion yuan - Highest/Lowest price in the week: 12.13 / 5.54 yuan - Debt-to-asset ratio: 68.3% - Price-to-earnings ratio: 321.84 [4]. Financial Performance - For the first half of 2025, the company reported revenue of 1.902 billion yuan, a 12.85% increase year-on-year, and a net profit of 81 million yuan, a 19.19% increase year-on-year [5]. - The gross margin decreased by 1.55 percentage points to 26.93%, while the expense ratio decreased by 1.44 percentage points to 20.27% [6]. Market Outlook - The demand for packaging equipment in the beverage, beer, and snack food sectors remains stable, with growth in sales of standard single machines and intelligent packaging production lines [6]. - The company expects revenue growth of 11.75%, 11.66%, and 5.72% for 2025, 2026, and 2027, respectively, with net profit projections of 184 million, 233 million, and 289 million yuan for the same years [8][10]. Valuation - The estimated price-to-earnings ratios for 2025, 2026, and 2027 are 26.95, 21.31, and 17.18, respectively, indicating a favorable valuation outlook [8][10].