Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a strong revenue growth in Q2, with total revenue reaching 6.645 billion yuan in the first half of 2025, representing a year-on-year increase of 22%. The net profit attributable to the parent company was 769 million yuan, up 19% year-on-year, with a net profit margin of 11.6% [7] - The company has established a solid customer base for its structural components, securing long-term supply agreements with major clients such as Inpai Battery and Honeycomb Energy, which are expected to drive revenue growth [7] - The company is actively expanding its product offerings in the robotics sector, focusing on key components such as reducers and robotic hands, with new products successfully shipped for various applications [7] - The report slightly adjusts the profit forecast for 2025-2027, estimating net profits of 1.770 billion yuan, 2.171 billion yuan, and 2.608 billion yuan respectively, with corresponding price-to-earnings ratios of 19, 16, and 13 [7] Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 14.734 billion yuan, with a year-on-year growth rate of 22.5%. The net profit for 2025 is expected to be 1.770 billion yuan, reflecting a growth rate of 20.3% [6] - The gross margin for Q2 2025 reached 23.4%, showing a quarter-on-quarter increase of 1.2 percentage points, indicating potential for further cost reduction in the upcoming peak season [7] - The company's return on equity (ROE) is projected to improve from 6.3% in 2025 to 15.4% by 2027, demonstrating strong profitability potential [6]

Group 1 - The company achieved revenue of 3.022 billion yuan in Q1 2025, representing a year-on-year increase of 20.5%, and a net profit attributable to shareholders of 387 million yuan, up 25.5% year-on-year [1] - The gross profit margin for Q1 2025 was 22.2%, remaining stable year-on-year, while the net profit margin increased by 0.5 percentage points to 12.8% [1] - The company has successfully controlled costs, with management and R&D expense ratios declining year-on-year, while sales, management, R&D, and financial expense ratios were 0.4%, 2.3%, 5.1%, and 1.3% respectively [1] Group 2 - The company has expanded its domestic high-quality customer base and is expected to see increased shipments due to the scarcity of overseas production capacity [2] - The company has signed a strategic cooperation agreement with Inpai Battery to secure 100% supply of structural components for power and energy storage batteries over the next five years [2] - The company’s overseas revenue reached 570 million yuan in 2024, a year-on-year increase of 7%, with production bases in Sweden and Hungary already operational [2] Group 3 - The company's robotics business is showing significant growth potential, collaborating with multiple industry partners [3] - The subsidiary Shenzhen Kemon has launched seven new core transmission technology products for humanoid robots, with a manufacturing base planned for 50,000 harmonic reducers [3] - The company has slightly raised its profit forecasts for 2025-2026, now expecting net profits of 1.813 billion yuan, 2.200 billion yuan, and 2.623 billion yuan for 2025-2027 respectively [3] Group 4 - The company maintains a "buy" rating based on the expected overseas volume growth of structural components and the steep growth potential of its robotics business [4]