蓝黛科技-中报点评：二季度净利润同比增长79%，机器人业务持续推进【国信汽车】

Core Viewpoint - The company continues to strengthen its product lines, leading to sustained performance growth [2] Financial Performance - In the first half of 2025, the company achieved revenue of 1.75 billion yuan, a year-on-year increase of 8.3%, and a net profit attributable to shareholders of 110 million yuan, up 61.6% year-on-year; the net profit after deducting non-recurring items was 90 million yuan, an increase of 138% year-on-year [3][8] - For Q2 2025, revenue was 940 million yuan, a year-on-year increase of 8.5% and a quarter-on-quarter increase of 15.3%; net profit attributable to shareholders was 57 million yuan, up 79.1% year-on-year and 9.4% quarter-on-quarter; the net profit after deducting non-recurring items was 46 million yuan, a year-on-year increase of 159.3% and a quarter-on-quarter increase of 3.9% [3][8] Cost Control and Profitability - In Q2 2025, the company's sales, management, and R&D expense ratios were 1.2%, 3.0%, and 3.4%, respectively, showing stable cost control; the gross margin was 17.6%, up 4.2 percentage points year-on-year and 2.2 percentage points quarter-on-quarter; the net profit margin was 6.1%, up 2.4 percentage points year-on-year [4] - The improvement in profitability is attributed to the scale effect from the growth of the new energy business and ongoing efforts to enhance performance and reduce costs [4] Business Expansion - In the first half of 2025, the company's electronic components business generated revenue of 790 million yuan, down 3.9% year-on-year, with a gross margin of 15.0%, up 5.6 percentage points year-on-year; the automotive parts business generated revenue of 950 million yuan, up 33.2% year-on-year, with a gross margin of 17.4%, up 2.7 percentage points year-on-year [5] - The power transmission business generated revenue of 960 million yuan, up 20.6% year-on-year, with a net profit of 70 million yuan, up 48.3% year-on-year; the sales proportion of new energy products continues to increase [5] - The company has established a subsidiary in Thailand to accelerate overseas market expansion, focusing on high-quality customers in traditional fuel vehicle components [5] Robotics Business Development - The company's wholly-owned subsidiary is investing in Wuxi Quanzhibo to collaborate on the research, production, testing, and assembly of integrated robotic joints and core components [6] - The combination of the company's expertise in automotive transmission systems and Quanzhibo's intelligent control aims to create a series of intelligent integrated joint module products, enhancing R&D capabilities and expanding the customer base [6]