MOONS’(SH:603728) Changjiang Securities·2025-09-05 11:14Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company has shown signs of stabilization and recovery in operations, with sufficient orders on hand, which may lay the foundation for rapid year-on-year growth in the second half of the year [2][11] - The company's revenue for the first half of 2025 reached 1.315 billion, a year-on-year increase of 3.92%, while the net profit attributable to the parent company was 27 million, a year-on-year decrease of 32.66% [5][11] - The company's robot business continues to grow, with a year-on-year increase of approximately 20% in the first half of 2025 [11] Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 719 million, a year-on-year increase of 9.56%, and a net profit of 20 million, a year-on-year decrease of 41.07% [5][11] - The company's domestic business revenue for H1 2025 was 728 million, a year-on-year increase of 6.84%, while overseas revenue was 587 million, a slight increase of 0.52% [11] - The overall gross margin remained stable at 35.0%, despite a slight decrease in the proportion of high-margin overseas business [11] Business Segments - The company's brushless motor business achieved revenue of 129 million, maintaining growth, primarily driven by automation, robotics, and semiconductor sectors [11] - The motion control system business saw a revenue increase of 44.07% year-on-year, with the servo system business growing by 48.94% [11] - The company's robot application segment continued to grow steadily, contributing to the overall positive outlook [11] Future Outlook - The company is expected to achieve net profits of 81 million and 118 million in 2025 and 2026, respectively, corresponding to PE ratios of 332x and 229x [11]