Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's overall operations are on an upward trend, with successful progress in robot products. In H1 2025, the company achieved revenue of 1.25 billion yuan, a year-on-year increase of 10.3%, and a net profit attributable to shareholders of 184 million yuan, up 13.5% year-on-year [1][2] - The automotive parts segment saw a revenue of 1.06 billion yuan in H1 2025, growing 7% year-on-year, while the aerospace parts segment reported revenue of 170 million yuan, a 32% increase year-on-year [2] Summary by Sections Financial Performance - In H1 2025, the company's gross profit margin was 32.1%, a decrease of 1.8 percentage points year-on-year, while the net profit margin was 14.6%, an increase of 0.4 percentage points year-on-year. In Q2 2025, the gross profit margin remained stable at 32.1% year-on-year, with a net profit margin of 12.6%, down 4.2 percentage points quarter-on-quarter [3] - The company expects net profits for 2025-2027 to be 431 million, 542 million, and 661 million yuan respectively, with corresponding P/E ratios of 30.6, 24.3, and 20 [4] Business Segments - The automotive parts segment is experiencing a phase of adjustment in customer demand, with the company facing challenges due to some clients' demand fluctuations and new projects ramping up production capacity [2] - The company has developed high-precision planetary gear reducers and new types of cycloidal reducers, which are being applied in humanoid robots, robotic dogs, and exoskeletons [4] Market Position - The company has secured contracts with major clients such as Magna, Volkswagen, and Scania, which supports future performance growth [2] - The company benefits from regional supply chain advantages due to its headquarters in Sichuan and a subsidiary in Chongqing, which is close to key production bases [4]

Event Overview - The company released its 2025 semi-annual report, showing a revenue of 4.229 billion yuan for H1 2025, a year-on-year decrease of 2.2%. The net profit attributable to shareholders was 577 million yuan, an increase of 21.9% year-on-year. The net profit excluding non-recurring items was 555 million yuan, up 22.5% year-on-year. In Q2 2025, the company reported a revenue of 2.164 billion yuan, down 3.7% year-on-year but up 4.8% quarter-on-quarter. The net profit attributable to shareholders for Q2 was 301 million yuan, a year-on-year increase of 19.4% and a quarter-on-quarter increase of 9.1% [2]. Analysis and Judgment - Q2 2025 performance was impressive with significant year-on-year profit growth. Revenue for H1 2025 was 4.229 billion yuan, down 2.2% year-on-year, while Q2 revenue was 2.164 billion yuan, down 3.7% year-on-year but up 4.8% quarter-on-quarter. The decline in revenue was mainly due to a decrease in other (non-core) business income, while core business revenue grew by 11.5% year-on-year to 4.193 billion yuan. Key segments such as passenger car gears, smart actuators, and reducers saw revenue increases of 12.9%, 51.7%, and 35.8% respectively [2]. - The gross margin for Q2 2025 was 27.3%, an increase of 4.4 percentage points year-on-year and 0.4 percentage points quarter-on-quarter. This improvement is attributed to a decrease in the proportion of low-margin steel trading sales and enhanced economies of scale in the passenger car gear business [2]. - The net profit margin for Q2 2025 was 13.9%, reflecting a year-on-year increase of 2.7 percentage points and a quarter-on-quarter increase of 0.5 percentage points, indicating a steady improvement in profitability [2]. Growth Areas - The smart actuator segment is accelerating its growth, with the company becoming a core supplier for leading domestic smart vacuum cleaner brands and providing stable supply of drive system gears for major e-bike manufacturers. The company plans to expand into the plastic gear sector, focusing on precision transmission components for smart home and office applications [3]. - The high-precision reducer business for robots is also promising, with a gross margin of 29.1% in 2024, indicating strong profitability. The company aims to provide robot solutions covering a load range of 3 to 1000 kg, steadily expanding its reducer business [3]. International Expansion - The company is actively implementing an internationalization strategy, with its Hungary base serving as a core strategic hub. It is accelerating the deepening of overseas markets and building a global operational system, engaging with mainstream global automakers and leading Tier 1 suppliers. The company is also participating in the R&D of electric drive gears for new energy vehicles, positioning overseas business as a key support for revenue growth [5].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating challenges in maintaining profitability amidst competitive pressures in the industry [3][10]. Financial Performance - In H1 2025, the company achieved revenue of 987 million yuan, a year-on-year decrease of 2.0%. The net profit attributable to shareholders was 61 million yuan, down 35.2% year-on-year, while the net profit excluding non-recurring items was 45 million yuan, a decline of 40.63% [3]. - For Q2 2025, revenue was 474 million yuan, with year-on-year and quarter-on-quarter declines of 5.75% and 7.42%, respectively. The net profit attributable to shareholders was 20 million yuan, down 56.22% year-on-year and 49.20% quarter-on-quarter [3]. Profitability Metrics - The net profit margin for H1 2025 was 6.1%, a decrease of 3.2 percentage points year-on-year. The gross profit margin was 24.52%, an increase of 0.1 percentage points year-on-year. In Q2 2025, the net profit margin was 4.30%, down 4.96 percentage points year-on-year and 3.54 percentage points quarter-on-quarter [4]. Expense Ratios - The expense ratio for H1 2025 was 17.1%, an increase of 0.62 percentage points year-on-year. The breakdown of expenses included sales (0.5%), management (7.9%), finance (2.3%), and R&D (6.3%), with varying year-on-year changes [5]. Segment Revenue - Revenue from gear shaft products was 725 million yuan, down 1.26% year-on-year, with a gross margin of 22.67%, a decrease of 1.13 percentage points. Revenue from assembly products was 223 million yuan, down 3.84% year-on-year, with a gross margin of 24.49%, a decrease of 0.34 percentage points [6]. Global Expansion - The company is advancing its global footprint with the imminent production of its Thailand factory, which has completed initial sample deliveries and is expected to ramp up production in Q3 2025. Additionally, a new subsidiary has been established in Lyon, France, to enhance market penetration [7]. Strategic Initiatives - The company is making progress in the development of robotic reducers, with research and development activities starting in H2 2023 and sample products expected by November 2024. A joint venture with a well-known industrial robot brand was established in March 2025, and a 10% stake in a smart robotics company was acquired in June 2025 [8]. Dividend Distribution - The company plans to distribute a cash dividend of 0.35 yuan per share (before tax), totaling 20.15 million yuan, which represents 33.25% of the net profit attributable to shareholders for H1 2025 [9]. Profit Forecast and Investment Rating - Due to intense industry competition and a decline in performance, the company has revised its net profit forecasts for 2025-2027 down to 189 million, 237 million, and 298 million yuan, respectively. Despite this, the company maintains a "buy" rating, anticipating positive contributions from new projects and the Thailand factory [10].

Core Viewpoint - The company, Jingzhu Technology, is facing short-term pressure on its performance for the first half of 2025, but opportunities for growth are emerging through humanoid robots and international expansion [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 987 million yuan, a year-on-year decrease of 2.0% - The net profit attributable to shareholders was 61 million yuan, down 35.2% year-on-year, while the net profit excluding non-recurring items was 45 million yuan, a decline of 40.63% year-on-year [2]. - For Q2 2025, revenue was 474 million yuan, with year-on-year and quarter-on-quarter declines of 5.75% and 7.42% respectively - The net profit attributable to shareholders for Q2 was 20 million yuan, down 56.22% year-on-year and 49.20% quarter-on-quarter [2]. Profitability Metrics - The net profit margin for the first half of 2025 was 6.1%, a decrease of 3.2 percentage points year-on-year - The gross profit margin was 24.52%, an increase of 0.1 percentage points year-on-year [2]. - In Q2 2025, the net profit margin was 4.30%, down 4.96 percentage points year-on-year, while the gross profit margin was 24.78%, up 0.50 percentage points year-on-year [2]. Expense Ratios - The expense ratio for the first half of 2025 was 17.1%, an increase of 0.62 percentage points year-on-year - The breakdown of expense ratios includes sales at 0.5%, management at 7.9%, financial at 2.3%, and R&D at 6.3% [2]. Product Segment Performance - Revenue from gear shaft products was 725 million yuan, down 1.26% year-on-year, with a gross margin of 22.67%, down 1.13 percentage points year-on-year - Revenue from assembly products was 223 million yuan, down 3.84% year-on-year, with a gross margin of 24.49%, down 0.34 percentage points year-on-year [2]. Strategic Developments - The company is advancing its global expansion with the imminent production of its factory in Thailand, having delivered the first batch of samples and completed some overseas client audits, with initial ramp-up expected in Q3 [3]. - The establishment of a subsidiary in France aims to enhance market penetration in that region [3]. - The company is also progressing in the development of robotic reducers, with samples expected by November 2024, and has formed a joint venture with a well-known industrial robot brand [3]. Dividend Distribution - The company plans to distribute a cash dividend of 0.35 yuan per 10 shares (before tax), totaling 20.15 million yuan, which represents 33.25% of the net profit attributable to shareholders for the first half of 2025 [3]. Earnings Forecast and Investment Rating - Due to intense industry competition and a decline in performance, the company's net profit forecasts for 2025-2027 have been revised down to 189 million, 237 million, and 298 million yuan respectively [4]. - Despite the downward revision, the company maintains a "buy" rating due to upcoming production phases of new projects and the positive impact of the Thai factory and robotic reducer business on non-automotive operations [4].

| 投资要点 | | --- | 未经许可，不得转载或者引用。 入局机器人减速器赛道，合资公司落地兑现预期： 行星减速器是机器人关节的核心部件，与公司主业行星齿轮在工艺和设备上具有协同性。公司 于2023H2开始推进研发工作，截至2024年11月已开发出相关样品。2025年3月公司与工业机器 人知名品牌天津爱码信成立合资子公司太平洋关节，2025年6月3日以5000万元获得格蓝若智能 机器人10%的股份，加快布局机器人关节、精密减速器、控制电驱动、丝杠等领域。公司卡位 机器人核心部件，积极推进机器人智能关 盈利预测与投资评级： 深耕精密齿轮三十余载，锥齿轮赛道隐形冠军深耕精密齿轮三十余载，锥齿轮赛道隐形 冠军： 公司成立于1992年，于2011年在深交所创业板上市，当前公司已形成以汽车差速器锥齿轮、差 速器总成、变速器结合齿齿轮+铝合金轻量化锻件、机器人减速器双擎驱动的发展格局。2024 年公司营业收入达20.25亿元，同比-3.7%；实现归母净利润1.60亿元，同比-32.8%。2025Q1营 收为5.12亿元，同比+1.7%；实现归母净利润0.40亿元，同比-14.4%。 精锻齿轮领军企业，差速器总成步入 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1]. Core Views - The company is a leader in the precision gear industry, focusing on the automotive sector and expanding into the robot reducer market, which is expected to drive future growth [7][12]. - The company has a strong market position in the differential gear segment, with a significant market share and a growing revenue stream from its complete differential assembly business [12][22]. - The transition towards electric vehicles is creating new opportunities for the company, particularly in lightweight aluminum components and robot joint technology [57][69]. Summary by Sections 1. Company Overview - Established in 1992 and listed in 2011, the company specializes in precision gears for automotive applications, including differential gears and transmission components [12]. - The company has a diverse customer base, including major domestic and international automotive manufacturers [18]. 2. Financial Performance - The company reported total revenue of 20.25 billion yuan in 2024, a decrease of 3.7% year-on-year, with a net profit of 1.60 billion yuan, down 32.8% [20]. - Revenue is projected to grow to 23.06 billion yuan by 2025, with net profit expected to reach 2.41 billion yuan [1]. 3. Market Position - The company holds the largest market share in the differential gear sector in China, benefiting from high entry barriers in the capital-intensive industry [42][43]. - The market for differential assemblies is expected to grow significantly, with projections of 71.51 billion yuan by 2025 [54]. 4. Product Development - The company is expanding its product offerings to include lightweight aluminum components, which are crucial for meeting the demands of electric vehicles [57][69]. - The company has initiated projects to produce aluminum alloy parts, with planned capacities of 700,000 and 800,000 units for steering knuckles and control arms, respectively [71]. 5. Strategic Initiatives - The company is actively pursuing partnerships in the robotics sector, having established a joint venture to develop precision reducers for robotic applications [12][56]. - The company is enhancing its production capabilities through capital increases and convertible bonds to support its growth in the differential assembly market [55].

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant price appreciation in the next 6-12 months [5]. Core Insights - The company reported a slight decline in revenue of 0.47% year-on-year, totaling 2.065 billion RMB, while net profit attributable to shareholders increased by 24.70% to 276 million RMB [2]. - The core growth driver is the new energy vehicle gear business, which saw a 12.48% year-on-year revenue growth in Q1 2025, supported by strong orders from leading global electric vehicle manufacturers [3]. - The company is expanding its overseas presence, with a factory in Hungary expected to cater to European clients, enhancing its competitive edge in international markets [3]. - Profitability is improving, with a gross margin of approximately 26.8%, up 4.2 percentage points year-on-year, driven by scale effects and a higher proportion of high-margin products [3]. - The company is projected to achieve net profits of 1.231 billion RMB, 1.574 billion RMB, and 1.935 billion RMB for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 22, 17, and 14 [5]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 2.065 billion RMB, a slight decrease of 0.47% year-on-year, while net profit attributable to shareholders rose by 24.70% to 276 million RMB [2]. - The gross margin improved to 26.8%, reflecting a 4.2 percentage point increase from the previous year, attributed to scale effects and a better product mix [3]. Business Analysis - The new energy vehicle gear segment is identified as the main growth engine, with a 12.48% year-on-year revenue increase in Q1 2025 [3]. - The company is making strides in international expansion, particularly with its Hungarian factory, which is expected to enhance its market presence in Europe [3]. Profitability and Forecast - The company is expected to see a steady increase in net profits over the next few years, with projections of 1.231 billion RMB in 2025, 1.574 billion RMB in 2026, and 1.935 billion RMB in 2027 [5]. - The report highlights a positive trend in profitability, with a net profit margin of 14%, up 3 percentage points year-on-year [3].

01 事件概述 公司发布 2 025 年一季报， 202 5 Q 1 公司营收 20.7 亿元，同比 -0.5% ，环比 +1.3% ；归母净利 2.76 亿元，同比 + 24.7% ，环比 -3.5% ；扣非归母净利 2.69 亿元，同比 + 28.1% ，环比 -7.2% 。 02 分析判断 ► 24Q1 业绩符合预期 盈利同比高增 1）收入端： 2 025Q1 新能源乘用车销量 284.7 万辆，同比 + 43.8% ，环比 -34.2% ； 2 025Q1 公司营收 20.7亿元，同比-0.5%，环比+1.3%；收入同比下降主要系本期其他业 务收入较上年同期下降 2 . 3 7 亿元；主营业务收入较上年同期增加 2 . 27亿元，同比+12.48%。 2）毛利端 ： 2 025Q1 公司毛利率 26.8% ，同比 + 4.2pct ，环比 -4.2 pct，毛利 率同比提升原因预计为毛利较低的钢贸销售业务占比下降；以及乘用车齿轮业务规模效应加强所致； 3）费用端 ： 2 025Q1 销售 /管理/研发/财务费用率分别 1.0%/3.8% / 5.4%/0.4% ，环比分别 + 0.0/-1.8/-1. ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company is experiencing steady revenue growth, with projected revenues of CNY 87.8 billion in 2024, representing an 8.8% year-on-year increase, and a net profit of CNY 10.2 billion, up 25.5% year-on-year [1][4]. - The company is expanding its global presence, particularly in the electric vehicle market, where it holds a market share of 40%-50% in domestic new energy vehicles [3]. - The report highlights the growth potential in the robotics sector, particularly in high-precision reducers, with a gross margin of 29.1% for this segment [3][4]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenues of CNY 20.4 billion, down 7.4% year-on-year and 15.7% quarter-on-quarter, primarily due to a contraction in steel sales [2]. - The gross margin for Q4 2024 improved to 31.0%, an increase of 6.5 percentage points year-on-year, attributed to a decrease in low-margin steel trading and improved margins in passenger vehicle gear business [2]. - The net profit for Q4 2024 was CNY 2.86 billion, reflecting a 26.0% year-on-year increase and a 7.9% quarter-on-quarter increase [2]. Growth Projections - Revenue projections for 2025, 2026, and 2027 are CNY 104.7 billion, CNY 124.7 billion, and CNY 149.6 billion, respectively, with corresponding net profits of CNY 12.4 billion, CNY 15.2 billion, and CNY 18.7 billion [4][5]. - The report anticipates a steady increase in earnings per share (EPS) from CNY 1.21 in 2024 to CNY 2.21 in 2027 [5]. Market Expansion - The company is accelerating its overseas expansion, particularly in Hungary, to cater to European market demands and enhance its influence in the region [3]. - The report emphasizes the company's focus on developing intelligent drive mechanisms and robotics, aiming to increase the value per vehicle [3][4].

Core Viewpoint - The company reported a significant increase in revenue and net profit for the fiscal year 2024, indicating strong growth and operational efficiency in its core business segments [1][4]. Group 1: Financial Performance - In 2024, the company achieved revenue of 2.36 billion yuan, a year-on-year increase of 21.29%, and a net profit attributable to shareholders of 322 million yuan, up 76.87% year-on-year [1]. - For Q4 2024, revenue reached 672 million yuan, reflecting a year-on-year growth of 9.78% and a quarter-on-quarter increase of 21.67% [1]. - The gross profit margin for Q4 2024 was 16.61%, showing a year-on-year increase of 0.81 percentage points [1]. Group 2: Business Segments - The differential gear business generated revenue of 470 million yuan in 2024, marking a year-on-year increase of 72.80%, with a gross margin of 9.03% [2]. - The aerospace components segment achieved revenue of 283 million yuan, up 27.71% year-on-year, with a gross margin of 47.91% [2]. Group 3: Strategic Initiatives - The company is accelerating its layout in the robotics reducer market, with a total investment of 1 billion yuan aimed at establishing production lines for high-precision reducers and related components [3]. - The company plans to build a production capacity of 5 million differential gears by 2025 and 10 million by 2030, indicating a strong commitment to scaling its operations in the automotive sector [2]. Group 4: Future Projections - Revenue projections for 2025, 2026, and 2027 are 3.015 billion yuan, 3.599 billion yuan, and 4.131 billion yuan, respectively, with corresponding net profits of 432 million yuan, 542 million yuan, and 696 million yuan [5]. - The expected earnings per share (EPS) for the same years are 0.67 yuan, 0.85 yuan, and 1.09 yuan, with price-to-earnings (PE) ratios of 26, 21, and 16 [5].