Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but the Q2 performance showed signs of recovery with a sequential increase in revenue and net profit, indicating potential for future growth despite short-term challenges [3][4][7]. Financial Performance - In H1 2025, the company achieved revenue of 428 million yuan, a year-on-year decrease of 7.46%, and a net profit attributable to shareholders of 85 million yuan, down 26.79% year-on-year [3]. - For Q2 2025, the company reported revenue of 226 million yuan, a year-on-year increase of 1.92% and a sequential increase of 11.19%. The net profit for the same quarter was 43 million yuan, down 15.72% year-on-year but up 2.52% sequentially [3][4]. - The gross margin for Q2 2025 was 31.05%, a decrease of 5.15 percentage points year-on-year and 1.16 percentage points sequentially, primarily due to price reductions from downstream customers [4]. Competitive Advantages - The company possesses core competencies in technology research and development, cost control, customer coverage, product expansion, and capacity layout [5][6]. - It has a leading technological advantage in product development, automated production lines, and a platform strategy that enhances cost efficiency [6]. - The company has established deep partnerships with major automotive manufacturers and international Tier 1 suppliers, enhancing its market position [6]. Profit Forecast and Investment Rating - The profit forecasts for 2025-2027 have been adjusted to 215 million yuan, 264 million yuan, and 326 million yuan, respectively, with corresponding EPS of 1.92 yuan, 2.36 yuan, and 2.91 yuan [7]. - The company is recognized as a leader in the automotive micro-motor industry with significant growth potential and is actively expanding into robotics-related businesses, leading to a maintained "buy" rating [7].
【2025年半年报点评/恒帅股份】2025Q2业绩符合预期，微电机龙头长期成长可期