Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but has a strong order backlog and is expanding into emerging sectors [1][2]. Financial Performance - The company's revenue for the first half of 2025 was 914 million, a year-on-year decrease of 8.71% [1] - The net profit attributable to shareholders was 90 million, down 12.76% year-on-year [1] - The net profit after deducting non-recurring items was 73 million, a decrease of 21.93% year-on-year [1] - Total liabilities reached 2.522 billion, an increase of 45.30% year-on-year [1] - Cash and cash equivalents amounted to 539 million, up 66.56% year-on-year [1] - Accounts receivable stood at 1.139 billion, a year-on-year increase of 4.78% [1] - Inventory was 1.037 billion, reflecting a year-on-year growth of 38.50% [1] Order Backlog and Market Position - The slight revenue decline was attributed to adjustments in the delivery schedule of orders from some downstream aviation customers [2] - Revenue from aviation forgings was 689 million, down 8.93% year-on-year, while aerospace forgings saw revenue of 72 million, up 29.84% [2] - Gas turbine forgings generated revenue of 59 million, a decrease of 37.23% year-on-year [2] - The company signed multiple long-term supply agreements, with total orders on hand amounting to 2.938 billion, an increase of 8.13% year-on-year [2] - Including estimated orders during the long-term agreements, the total order backlog is approximately 5.968 billion [2] Strategic Initiatives - The company is focusing on deepening its presence in the aerospace sector while accelerating its expansion into emerging fields [2] - Key areas of focus include gas turbines, nuclear power, and marine engineering equipment [2] - The company has successfully undertaken its first batch of precision processing and R&D orders for critical components in semiconductor front-end equipment, indicating early success in its expansion into new sectors [2] Investment Outlook - The company is projected to have EPS of 1.23, 1.50, and 1.82 for 2025-2027, with corresponding PE ratios of 30.9, 25.3, and 20.9 based on the closing price of 37.91 on August 29 [3] - The investment rating is maintained at "Buy-A" [3]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][6]. Core Views - The company has seen a continuous increase in its order backlog, indicating strong future revenue potential despite a slight decline in revenue due to adjustments in delivery schedules from some downstream aviation customers [5]. - The company is actively expanding into emerging fields such as gas turbines, nuclear power, and marine engineering equipment, with initial success in securing orders for semiconductor equipment components [5]. Financial Performance - For the first half of 2025, the company's revenue was 914 million yuan, a year-on-year decrease of 8.71%, while the net profit attributable to the parent company was 90 million yuan, down 12.76% year-on-year [4]. - The company’s total liabilities reached 2.522 billion yuan, an increase of 45.30% year-on-year, while cash and cash equivalents grew by 66.56% to 539 million yuan [4]. - The order backlog totaled 2.938 billion yuan, reflecting an 8.13% year-on-year increase, with a combined order estimate of approximately 5.968 billion yuan [5]. Earnings Forecast - The expected EPS for 2025, 2026, and 2027 are 1.23 yuan, 1.50 yuan, and 1.82 yuan respectively, with corresponding PE ratios of 30.9, 25.3, and 20.9 based on the closing price of 37.91 yuan on August 29 [6][8].

【8月28日晚江苏雷利发布2025年半年报，营收和净利润双增长】8月28日晚，江苏雷利披露2025年半年 报，上半年营收达19.58亿元，同比增20.71%；归母净利润1.86亿元，同比涨8.45%，基本每股收益 0.4166元。 江苏雷利是国内最大微电机模块化方案提供商，围绕"多应用领域解决方案"布局，推出组件 化及机电软一体化新产品。 分业务看，家电、汽零、工控、医疗健康板块收入同比分别增5.09%、 63.72%、34.49%、30.91%。 汽车零部件板块上半年收入3.79亿元，同比增63.72%。激光雷达电机获禾 赛等客户定点，收入4465万元，同比增35%，还开发光电模组产品。 江苏雷利拓展新兴领域，控股子 公司中科灵犀发布两款灵巧手及控制系统，8月推升级产品及高负载伺服电缸灵巧手。 中科灵犀依托科 研成果和产业链优势，以全栈技术整合打造灵巧手方案，已取得市场进展。 2025年5月，江苏雷利战略 投资仪坤动力，双方推进轴向磁通电机在多场景应用。 医疗及运动健康领域，江苏雷利进入多家客户 供应链，控股子公司鼎智科技与赛乐医疗合作。 报告期内，公司拟发可转债募资12.86亿元用于项目建 设，墨西哥工厂 ...

Core Viewpoint - The report highlights the steady growth of Weimao Electronics, with a recommendation to "buy" the stock based on its performance and strategic initiatives in emerging markets [1][4]. Financial Performance - In H1 2025, the company achieved revenue of 144 million yuan (yoy +13.05%), net profit attributable to shareholders of 24.44 million yuan (yoy +10.15%), and operating cash flow of 24.56 million yuan (yoy +27.35%) [1]. - In Q2 2025, revenue was 71 million yuan (yoy +7.57%), with net profit of 13.43 million yuan (yoy +4.45%/qoq +22.04%) [1]. - The injection molding integrated components revenue grew by 20.38% yoy, contributing to overall performance [1]. Business Segments - The company reported revenue of 57.83 million yuan (yoy +1.86%) from wiring harness components and 72.15 million yuan (yoy +20.38%) from injection molding integrated components in H1 2025 [2]. - Domestic and overseas revenues were 70.42 million yuan (yoy +11.17%) and 73.47 million yuan (yoy +14.91%), respectively [2]. - The company has made significant breakthroughs in commercial logistics vehicle battery pack wiring harnesses and has begun mass production of components for new energy vehicles [2]. Strategic Initiatives - The company is actively expanding into new sectors such as flying cars, robotics, and medical applications, with strategic projects secured from Leap Motor and Huawei [3]. - The company is focusing on the development of products for autonomous driving and has made progress in domestic data center cooling system wiring harnesses, with mass production expected in Q1 2025 [3]. Profit Forecast - The projected net profits for 2025-2027 are 51 million yuan, 60 million yuan, and 71 million yuan, respectively, with corresponding PE ratios of 46.6, 39.8, and 33.6 times [4]. - The company is expected to leverage its integrated electronic component strategy to drive future growth through innovation [4].