美光三维成立于2021年9月，由南洋理工大学与华中科技大学博士团队联合创立。美光三维致力于金属 3D打印设备的产业化应用，为全球齿科、工业、科研及教育用户提供全场景3D打印解决方案,现已形成 覆盖设备研发、材料科学、工艺优化及智能软件的全产业链核心技术闭环。 格隆汇12月26日丨怡合达(301029.SZ)公布，为满足东莞怡合达自动化股份有限公司（以下简称"公司"） 战略发展需要，持续深化公司在自动化领域的投资布局，进一步增强产业布局及产业协同性，在不影响 公司日常经营及发展、有效控制投资风险的前提下，公司拟与关联方金宇晗先生共同对美光（江苏）三 维科技有限公司（简称"美光三维"或"标的公司"）进行投资，投资总额为人民币2,500.00万元，其中公 司以自有货币资金出资人民币2,000.00万元，占美光三维本轮增资后的注册资本比例为1.8868%，金宇 晗先生以自有货币资金出资人民币500.00万元，占美光三维本轮增资后的注册资本比例为0.4717%。 ...

Core Viewpoint - The company reported a decline in net profit for the first half of 2025, indicating ongoing challenges despite revenue growth, primarily due to increased R&D investments [1][3]. Financial Performance - In 1H25, the company achieved revenue of 239 million, a year-on-year increase of 5.4%, with Q2 revenue reaching 113 million, up 10.4% year-on-year [1]. - The net profit attributable to shareholders for 1H25 was 5 million, reflecting a significant year-on-year decline of 86.3%, with Q2 net profit at 3 million, down 53.2% year-on-year [1]. - The gross margin for 1H25 was 43.2%, a decrease of 6.4 percentage points year-on-year, while Q2 gross margin improved to 45.2%, an increase of 0.8 percentage points year-on-year [1]. R&D and Market Development - The company is focusing on expanding its applications in the 3D printing technology sector, addressing diverse customer needs across various industries [2]. - Significant advancements have been made in the aerospace sector, with successful breakthroughs in material support for lightweight designs [2]. - In the consumer goods sector, the company has developed high-performance nylon materials suitable for high-temperature applications [2]. - Collaborations with major automotive clients, including Volkswagen, have been established to utilize the company's 3D printing technology for metal parts and tooling [2]. Profit Forecast and Valuation - Due to slower-than-expected industrialization in the 3D printing sector, the company's net profit forecast for 2025 has been reduced by 67% to 87 million, with a new forecast for 2026 at 107 million [3]. - The company is expected to benefit from market demand changes over the next 3-5 years, leading to a potential rapid release of performance [3]. - A long-term valuation method has been adopted, projecting a P/E ratio of 38x for 2029, with a target price set at 53 yuan, indicating a 105% increase and a 12% upside from the current stock price [3].