2025 年8 月27 日，公司发布2025 年中报，25H1 公司实现营业收入12.35 亿元，同比-17.22%，归母净利 润2.42 亿元，同比-19.58%，扣非归母净利润2.04 亿元，同比-29.29%；其中25Q2 实现营业收入5.81 亿 元，同比-27.50%，归母净利润1.10 亿元，同比-31.07%，扣非归母净利润0.97 亿元，同比-38.13%。 持续推动家具机械自动化升级，市场份额有望进一步提升。公司子公司星石机器人自主研发应用在家具 制造过程中的上下料、搬运、码垛专用机器人，为家具制造各工序衔接提供性价比更好的机器人解决方 案，该解决方案将人力密集型工序转化为高效智能化流程。公司有望在推动下游自动化升级的同时，提 升市场份额。 子公司丹齿精工卡位机器人、低空经济。公司子公司丹齿精工（持股72%）深耕高精度齿轮、减速器及 精密传动总成的研发与制造，其中伺服电机齿轮轴和螺旋锥齿轮服务于机器人关节和精密传动系统，高 强度轻量化齿轮及减速机构应用于飞行器动力传动，精准卡位机器人和低空经济。 盈利预测、估值与评级 我们预计25-27 年公司营收为25.36/28.29/32.07 亿元、 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 1.235 billion yuan for H1 2025, a year-on-year decrease of 17.22%, with a net profit attributable to the parent company of 242 million yuan, down 19.58% year-on-year [2] - Domestic revenue for H1 2025 was 810 million yuan, reflecting a decline of 25.79% year-on-year, primarily due to weak downstream demand [3] - The company achieved overseas revenue of 425 million yuan in H1 2025, an increase of 6.12% year-on-year, indicating robust growth in international markets [3] Summary by Sections Performance Review - In H1 2025, the company achieved total revenue of 1.235 billion yuan, down 17.22% year-on-year, and a net profit of 242 million yuan, down 19.58% year-on-year [2] - Q2 2025 saw revenue of 581 million yuan, a decrease of 27.50% year-on-year, with a net profit of 110 million yuan, down 31.07% year-on-year [2] Operational Analysis - Domestic revenue faced pressure, with a reported 810 million yuan in H1 2025, down 25.79% year-on-year, attributed to weak demand [3] - The domestic gross margin for H1 2025 was 27.80%, a decline of 2.08 percentage points year-on-year [3] - The company is optimistic about overseas growth, with a gross margin of 39.93% in H1 2025, an increase of 3.67 percentage points year-on-year [3] Future Outlook - Revenue projections for 2025 to 2027 are estimated at 2.536 billion yuan, 2.829 billion yuan, and 3.207 billion yuan respectively, with net profits expected to be 484 million yuan, 561 million yuan, and 663 million yuan [5] - The company is focusing on automation upgrades in furniture manufacturing, which is expected to enhance market share [4]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 2.694 billion yuan in 2024, a year-on-year increase of 0.43%, while the net profit attributable to the parent company was 517 million yuan, a decrease of 12.31% year-on-year [2] - The company is expected to benefit from national policies aimed at boosting domestic demand, which may lead to a stabilization and recovery in performance [2] - The overseas business continues to grow, with revenue reaching 915 million yuan in 2024, an increase of 12.68% year-on-year, and a significantly higher gross margin compared to domestic operations [3] - The company has a high self-manufacturing rate of core components exceeding 70%, which enhances product quality and shortens delivery times, contributing to long-term competitiveness [3] Summary by Sections Performance Overview - In 2024, the company reported a revenue of 2.694 billion yuan, with domestic revenue at 1.779 billion yuan, down 4.89% year-on-year [2] - The net profit attributable to the parent company was 517 million yuan, reflecting a decline of 12.31% year-on-year [2] Operational Analysis - The company is expected to leverage government policies to enhance domestic demand, particularly in the furniture machinery sector, which may lead to an upward performance trend [2] - The overseas market expansion is a key growth driver, with a gross margin of 36.70% for overseas operations compared to 29.89% domestically [3] - The company is diversifying its product offerings through acquisitions and new subsidiaries, enhancing its competitive edge [3] Profit Forecast and Valuation - Revenue projections for 2025-2027 are 3.008 billion yuan, 3.450 billion yuan, and 3.973 billion yuan, respectively, with net profits expected to be 608 million yuan, 720 million yuan, and 841 million yuan [4] - The corresponding price-to-earnings (P/E) ratios are projected to be 12, 10, and 8 times for the respective years [4]