China Leadshine Technology (SZ:002979) Changjiang Securities·2025-09-16 14:11Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company's Q2 performance in 2025 met expectations, with revenue and profit showing both year-on-year and quarter-on-quarter growth. The company capitalized on structural opportunities in emerging industries to offset declines in the photovoltaic sector while maintaining its position as the No. 2 player in the domestic servo system market. Overall profitability remains robust [2][11]. - The company has made significant progress in its humanoid robot core components, including joint modules, frameless torque motors, hollow cup motors, and dexterous hands. Most clients have achieved progress, and several large commercial orders have been secured, leading to substantial revenue growth. The company plans to initiate trial production and small-scale manufacturing of 15 new dexterous hand products in Q3 2025 [2][11]. Financial Performance - In H1 2025, the company achieved revenue of 891 million, a year-on-year increase of 8.28%. The net profit attributable to the parent company was 119 million, up 2.22% year-on-year. For Q2 2025, revenue reached 501 million, a year-on-year increase of 13.40%, with net profit of 63 million, up 2.19% year-on-year [6][11]. - The company's gross margin slightly improved to 38.78%, with a year-on-year increase of 0.67 percentage points. The sales net profit margin was 13.94%, down 0.42 percentage points year-on-year [11]. Business Segments - The company continues to deepen its customer needs in traditional advantageous industries while capturing structural opportunities in emerging sectors. The revenue growth rates for various segments in H1 2025 were 19.3% for servo systems, -4.1% for stepper systems, and 11.3% for programmable logic controllers [11]. - The control technology segment has seen significant growth, with PLC product revenue increasing by 44.09% year-on-year [11]. Future Outlook - The company is optimistic about the development of its humanoid robot business and plans to continue its innovation-driven strategy, focusing on high-end servo product research and solutions in cutting-edge fields. The projected net profits for 2025 and 2026 are 257 million and 317 million, respectively, with corresponding PE ratios of 60x and 48x [11].