EWPT(SZ:300115) China Post Securities·2025-09-10 06:42Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Views - The company achieved a revenue of 8.64 billion yuan in the first half of 2025, representing a year-on-year growth of 12.33%. However, the net profit attributable to shareholders decreased by 29.37% to 306 million yuan, while the net profit excluding non-recurring items increased by 32.18% to 288 million yuan [5][6] - The company is diversifying its product lines, with stable growth in revenue. The consumer electronics segment generated 5.30 billion yuan, while the new energy segment saw a 37.09% increase in revenue to 2.94 billion yuan. The overseas humanoid robot parts revenue exceeded 35 million yuan, compared to 10.11 million yuan for the entire year of 2024 [6] - The company is expanding its capabilities in humanoid robots and servers, which opens up growth opportunities. It has started ramping up production capacity for humanoid robots and has received mass production orders from several domestic and overseas brands. In the server segment, the company has developed high-speed backplane connectors for domestic leading clients and acquired a 51% stake in Shenzhen Weixian Technology Co., Ltd. to enhance its product offerings [6] Financial Summary - The company forecasts revenues of 19.26 billion yuan, 22.16 billion yuan, and 25.26 billion yuan for 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is projected to be 820 million yuan, 1.02 billion yuan, and 1.25 billion yuan for the same years [7][9] - The company’s financial metrics indicate a significant increase in net profit growth rate of 800.24% for 2025, followed by 5.67% and 24.67% for 2026 and 2027, respectively. The earnings per share (EPS) is expected to rise from 0.60 yuan in 2025 to 0.92 yuan in 2027 [9][10]