天安新材（603725）：参股若铂18%股权，联合他山布局机器人皮肤

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 14 CNY per share based on a 33X PE for the year 2025 [3][5]. Core Insights - The company has successfully acquired an 18% stake in Ruobo, an innovative enterprise in the medical robotics field, which utilizes a clear core technology framework involving AI algorithms, an industrial operating system, and high-precision servo systems [1]. - The company is strategically transforming from a materials supplier to a comprehensive service provider in the eco-friendly art space, focusing on the assembly-type integrated market opportunities both domestically and internationally [3]. - The automotive interior materials segment has seen a significant revenue increase of 35.96% year-on-year, reaching 305 million CNY in the first half of 2025, despite a declining market for main engine manufacturers [2]. Financial Summary - The company's projected revenues for 2025 are estimated at 3.218 billion CNY, with a year-on-year growth of 3.81% [4]. - The net profit attributable to the parent company is forecasted to be 126 million CNY in 2025, reflecting a growth of 25.22% compared to the previous year [4]. - The earnings per share (EPS) for 2025 is expected to be 0.41 CNY, with a corresponding PE ratio of 23.36 [4][12]. Business Segments - The construction ceramics segment, led by the subsidiary Yingpai, achieved a sales area of 2.03 million square meters in the first half of 2025, marking a 6% increase year-on-year, despite a 6% decline in revenue due to falling terminal sales prices [2]. - The company’s fireproof decorative panel business saw a revenue increase of 23.33% year-on-year, with a gross margin of 33.18% in the first half of 2025 [2].