联手乐聚进军机器人领域， 在手订单充沛业绩稳增可期 事件：2025 年 9 月 19 日，东方精工与乐聚智能合资设立的东 方元启智能机器人（广东）有限公司正式成立，注册资本 1 亿元， 业务涵盖服务消费机器人制造、智能家庭消费设备制造等领域。 强强联合切入人形机器人赛道，成长空间可期 作为瓦楞纸箱印刷包装设备龙头，公司跨界进军智能机器人领域，形 成"集群化战略投资"布局，旨在提升未来竞争力。双方将充分发挥 各自技术优势，共同开拓智能制造新市场。东方精工凭借在高端智能 装备制造领域近三十年的深厚积累及资源优势，在精密机械加工、自 动化产线集成、质量控制和费用管控等方面具备核心竞争力，能够有 效解决人形机器人从实验室样机走向规模化、商业化量产过程中的核 心制造瓶颈。而乐聚智能具备前沿的技术研发能力，其在机器人模块 化关节、全身动量控制算法等核心软硬件技术上处于国内领先地位， 推出的 KUAVO（夸父）人形机器人已展现出优异的运动能力与场景适 应性。从市场前景来看，人形机器人赛道空间广阔，随着人工智能与 传感技术的持续进步，未来在工业制造、商业服务、科研教育及家庭 服务等领域具有广泛的应用潜力。 2025 年 09 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 27.75 CNY [2][8]. Core Views - The company reported steady revenue growth in the first half of 2025, achieving 1.14 billion CNY in revenue, a year-on-year increase of 28.97%, and a net profit of 101 million CNY, up 2.88% year-on-year [2][8]. - The second quarter saw revenue of 612 million CNY, reflecting a 24.96% year-on-year growth, while net profit slightly decreased by 0.69% to 55 million CNY [2][8]. - The report highlights the company's strong performance in various segments, including rock drilling tools and cutting tools, with significant contributions from acquisitions [8]. Financial Summary - The company is projected to achieve total revenue of 2.36 billion CNY in 2025, with a year-on-year growth rate of 27.0% [4]. - Net profit is expected to reach 229 million CNY in 2025, reflecting a growth rate of 26.6% [4]. - Earnings per share (EPS) are forecasted to be 0.91 CNY in 2025, with a price-to-earnings (P/E) ratio of 19 [4][8]. - The company’s total assets are projected to increase to 4.05 billion CNY by 2025, with a debt-to-equity ratio of 33.4% [9]. Segment Performance - Revenue from rock drilling tools and related services reached 530 million CNY, up 29.60% year-on-year, supported by the acquisition of Drillco [8]. - The hard alloy segment generated 306 million CNY, growing 18.19% year-on-year, despite rising raw material costs [8]. - Cutting tools saw a remarkable growth of 68.23%, with revenue of 161 million CNY, driven by the expansion of production capacity [8]. - The oil service products segment maintained steady growth, contributing 85 million CNY, a 17.52% increase year-on-year [8]. Acquisition Strategy - The company has made strategic acquisitions to enhance its market presence, including the purchase of AMS in Australia and Drillco in South America, which have contributed to revenue growth [8]. - The report emphasizes the successful integration of these acquisitions, which have expanded the company's product lines and market reach [8]. Market Position - The company is recognized as a leading player in the domestic rock drilling tools market, with a strong brand presence in overseas markets such as Australia [8]. - The report indicates that the company has a competitive edge due to its diversified product offerings and strategic acquisitions [8].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [7]. Core Insights - The company reported a revenue of 1.038 billion yuan for the first half of 2025, representing a year-on-year increase of 27.16%, and a net profit attributable to shareholders of 251 million yuan, up 25.15% year-on-year [1]. - The company continues to expand its digital printing applications, leveraging opportunities from traditional processes transitioning to digital [6]. - The gross margin slightly decreased to 43.79%, while the net margin slightly increased to 25.47% in the first half of 2025 [6]. - The sales of Singlepass models have significantly increased, contributing to a revenue of 670 million yuan from digital printing equipment, a 42.75% year-on-year growth [6]. - The company is actively exploring extended applications of digital printing technology, enhancing its market presence both domestically and internationally [6]. Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 1.038 billion yuan, with a net profit of 251 million yuan [1]. - The projected revenues for 2025, 2026, and 2027 are 2.335 billion yuan, 2.978 billion yuan, and 3.616 billion yuan, respectively, with year-on-year growth rates of 30.4%, 27.5%, and 21.4% [8]. - The projected net profits for the same years are 530 million yuan, 679 million yuan, and 824 million yuan, with growth rates of 27.9%, 28.1%, and 21.4% [8]. - The company’s earnings per share (EPS) are expected to be 2.95 yuan in 2025, 3.78 yuan in 2026, and 4.59 yuan in 2027 [8].

Investment Rating - The report maintains a "Buy-A" rating for the company [1] Core Views - The company has demonstrated steady growth in operating performance, with an increasingly refined capacity layout [1] - The company achieved revenue of 1.038 billion yuan in the first half of 2025, representing a year-on-year increase of 27.16%, and a net profit attributable to shareholders of 251 million yuan, up 25.15% year-on-year [4] - The company is focusing on its core business, with significant progress in key project construction and an improved capacity layout [5] Financial Performance - In H1 2025, the company's digital printing equipment generated revenue of 670 million yuan, a year-on-year increase of 42.75%, with a notable rise in the sales proportion of single-pass models [5] - The ink sales also grew, achieving revenue of 272 million yuan in H1 2025, up 14.76% year-on-year [5] - The company’s IPO project for an intelligent factory producing 2,000 sets of industrial digital printing equipment and consumables has commenced production, yielding approximately 90.08 million yuan in benefits [5] Future Projections - The company is expected to see net profits of 550 million yuan, 700 million yuan, and 870 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 32.2%, 28.5%, and 23.5% [8] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 3.1 yuan, 3.9 yuan, and 4.9 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 24, 19, and 15 [8] Market Position and Strategy - The company has over 30 years of experience in the industrial digital printing field, forming a complete industrial ecosystem covering digital printing equipment, supporting inks, consumables, and process solutions [7] - The shift from traditional printing to digital printing is accelerating, with increasing market penetration and a growing order volume [6] - The company is actively exploring extended applications of digital printing technology to enhance market share [8]

Investment Rating - The report maintains a "Buy-A" rating for the company [1][6] Core Views - The company's performance meets expectations, with significant growth in revenue and net profit, driven by advancements in AI technology in the thermal power sector [2][4] - The company is actively integrating AI technology with traditional equipment, focusing on pain points in existing management systems within thermal power plants [4][5] - The company has developed an AI-based intelligent operation and maintenance management platform for slag transportation equipment, recognized as internationally leading [4][5] Financial Performance - For the year ending June 30, 2025, the company reported revenue of 1.19 billion yuan, a year-on-year increase of 130.8%, and a net profit of 110 million yuan, up 351.8% [2] - The gross profit margin for Q2 2025 was 27.96%, an increase of 4.76 percentage points from the previous quarter [2] - The company expects continued revenue growth in the second half of 2025, with anticipated orders in various environmental protection systems [5] Market Data - As of September 2, 2025, the company's closing price was 30.08 yuan, with a market capitalization of 4.062 billion yuan [4] - The company has a basic earnings per share (EPS) of 0.88 yuan and a return on equity (ROE) of 10.60% [5] Future Projections - The company forecasts EPS of 1.76 yuan, 2.29 yuan, and 2.95 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 17.1, 13.1, and 10.2 [6][9] - Revenue is projected to grow from 1.947 billion yuan in 2025 to 2.977 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of 19.4% [9][10]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][7]. Core Insights - The company reported a revenue of 626 million yuan for the first half of 2025, a year-on-year increase of 3.44%, and a net profit attributable to shareholders of 125 million yuan, up 4.36% year-on-year [1][7]. - The company is expanding its growth potential through orders for centrifugal compressors, indicating a shift in product focus from screw compressors to vacuum pumps and centrifugal machines [7]. - The company has established a strong customer base, including notable clients such as BYD, Ningde Times, and Wuliangye, enhancing its market presence [7]. Financial Performance Summary - For 2025, the company is projected to achieve total revenue of 1.33 billion yuan, representing a growth rate of 16.6% compared to 2024 [3][8]. - The net profit for 2025 is estimated at 257 million yuan, with a year-on-year growth of 18.3% [3][8]. - The earnings per share (EPS) is expected to increase from 0.57 yuan in 2024 to 0.67 yuan in 2025 [3][8]. Product and Market Strategy - The company is focusing on upgrading its product lines, including high-end oil-free screw compressors and vacuum pumps, to meet market demands and enhance efficiency [7]. - The marketing strategy emphasizes targeting large clients and adapting to market changes, which has resulted in an increase in direct sales proportion from 2.88% in 2023 to 4.17% in 2024 [7]. - The company has successfully completed the R&D of centrifugal compressors and is advancing in the development of semiconductor vacuum pumps and magnetic levitation centrifugal compressors [7].

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [7][16]. Core Insights - The company reported a significant increase in revenue and profit for the first half of 2025, with total revenue reaching 1.48 billion yuan, a year-on-year growth of 62.1%, and net profit attributable to shareholders at 250 million yuan, up 140.4% [1]. - The second quarter saw even higher growth, with revenue of 880 million yuan, a 57.8% increase year-on-year, and net profit of 140 million yuan, reflecting a 249.1% increase [1]. - The company is experiencing a peak in overseas order deliveries, with overseas revenue accounting for 64.2% of total revenue, significantly up from 39.1% in 2024 [7]. Financial Performance Summary - The company’s total revenue is projected to grow from 2.42 billion yuan in 2024 to 3.12 billion yuan in 2025, representing a year-on-year growth rate of 28.9% [3]. - Net profit is expected to increase from 261 million yuan in 2024 to 427 million yuan in 2025, with a growth rate of 63.6% [3]. - Earnings per share (EPS) are forecasted to rise from 1.63 yuan in 2024 to 2.67 yuan in 2025 [3]. Business Highlights - The natural gas processing and liquefaction segment showed remarkable performance, achieving revenue of 340 million yuan, a year-on-year increase of 376.4%, with a gross margin improvement of 19.6 percentage points to 33.8% [7]. - The company has successfully developed key technologies and projects in the natural gas sector, enhancing its competitive edge in both domestic and international markets [7]. - The overall gross margin and net margin for the first half of 2025 were 27.2% and 17.0%, respectively, both showing significant year-on-year improvements [7].

Investment Rating - The report maintains an "Add-A" rating for the company, indicating a positive outlook for the stock [2][6]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 790 million yuan, up 21.9% year-on-year, and net profit at 110 million yuan, up 20.7% year-on-year [3]. - The company's main products, including micro drive systems and precision parts, have shown growth in revenue and improved profitability, with the micro drive systems contributing 63.3% to total revenue [3][4]. - The company is advancing its research and development in robotic dexterous hands and core components, launching new products and enhancing production capabilities [4][5]. Financial Performance - For Q2 2025, the company achieved a revenue of 420 million yuan, a year-on-year increase of 25.9%, and a net profit of 60 million yuan, up 52.3% year-on-year [3]. - The gross margin for Q2 2025 was 32.2%, an increase of 2.5 percentage points year-on-year, while the net margin was 14%, up 2.4 percentage points year-on-year [4]. - The company expects earnings per share (EPS) to grow from 1.12 yuan in 2025 to 1.81 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 108.8 to 67.3 over the same period [6][9]. Market Position and Strategy - The company is recognized as a global leader in micro drive and drive system solutions, benefiting from trends in miniaturization, automation, and intelligence across various sectors including smart vehicles and robotics [6]. - The company has initiated overseas production capacity in Thailand and is in the process of listing on the Hong Kong Stock Exchange, indicating a strategic expansion into international markets [5][6].

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 30.3 yuan [2][8]. Core Views - The company reported a revenue of 1.86 billion yuan for the first half of 2025, representing a year-on-year increase of 12%. However, the net profit attributable to the parent company was a loss of 105 million yuan, compared to a loss of 18 million yuan in the same period last year [2][3]. - The company is experiencing pressure on its performance, but it has successfully expanded into new businesses such as energy storage and semiconductors [2][8]. - The automotive business showed a year-on-year revenue growth of 18%, while the communication business faced slight declines [8]. Financial Summary - Total revenue is projected to grow from 3.66 billion yuan in 2024 to 5.54 billion yuan in 2027, with year-on-year growth rates of 14.7%, 16.2%, 14.5%, and 13.8% respectively [4][9]. - The net profit attributable to the parent company is expected to improve from a loss of 164 million yuan in 2024 to a profit of 170 million yuan in 2027, with growth rates of -220.6%, 5.1%, 146.2%, and 137.0% respectively [4][9]. - The company’s gross margin is projected to fluctuate, with a decrease in 2025 to 7.9% before recovering to 13.5% by 2027 [4][9]. Business Performance - In the second quarter of 2025, the company achieved a revenue of 978 million yuan, with a quarter-on-quarter increase of 11% [8]. - The automotive parts revenue reached 1.20 billion yuan, showing an 18% year-on-year increase, while the communication components revenue was 560 million yuan, slightly down by 0.1% year-on-year [8]. - The company has successfully entered the supply chain for energy storage and semiconductor clients, indicating potential for future growth [8].

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a revenue of 1.023 billion yuan for the first half of 2025, representing a year-on-year growth of 9.92%. The net profit attributable to the parent company was 303 million yuan, up 11.34% year-on-year [1][6] - The color sorting machine business accounted for over 70% of total revenue, with a significant increase in gross margin [1] - The company launched the new AI+ intelligent color sorting machine "Meiya Master 4.0," enhancing its market competitiveness [1] - The medical equipment segment stabilized with a revenue of 204 million yuan, maintaining a gross margin of 48.45% [1][5] Financial Performance - The company achieved a net cash flow from operating activities of 393 million yuan, a year-on-year increase of 125.28% [1] - The overall gross margin for the first half of 2025 was 52.14%, an increase of 1.26 percentage points year-on-year [1] - The color sorting machine segment's revenue was 742 million yuan, with a gross margin of 51.87%, up 2.84 percentage points year-on-year [1] - The projected net profits for 2025-2027 are 730 million, 805 million, and 867 million yuan respectively, with corresponding EPS of 0.83, 0.91, and 0.98 yuan per share [6][9] Market Position - The company has established a leading position in the color sorting machine market through continuous innovation and product iteration [1] - The "Meiya Meiya" digital cloud platform for oral health has surpassed 10,000 end users, laying a solid foundation for future growth in the medical business [5]