Investment Rating - The investment rating for the company is "Outperform the Market" [4][26]. Core Views - The company experienced a revenue decline in Q2 due to tariff impacts, with Q2 revenue at 350 million, down 14.6% year-on-year. However, H1 revenue was 878 million, up 18.9% year-on-year. The net profit for H1 was 115 million, up 18.5% year-on-year, while Q2 net profit was 54 million, down 1.4% year-on-year. The inventory at the end of Q2 was 368 million, a 91% increase year-on-year [1][2]. - The company's profitability improved in Q2, with a gross margin of 38.33%, an increase of 4.99 percentage points, attributed to changes in product and channel structure. The Malaysian factory is ramping up production, with a designed output value of 2 billion, which is expected to stabilize gross margins despite tariff challenges [1][2]. - The company’s subsidiary, Illinois, has a nursing robot project that was selected for a pilot program by the Ministry of Industry and Information Technology and the Ministry of Civil Affairs, which may enhance the company's growth in the elderly care sector [2]. Financial Summary - The company forecasts revenue growth from 1,216 million in 2023 to 3,941 million in 2027, with annual growth rates of -5.3%, 45.0%, 41.0%, 29.6%, and 22.2% respectively. Net profit is expected to grow from 175 million in 2023 to 549 million in 2027, with growth rates of 8.4%, 44.9%, 29.7%, 31.5%, and 27.1% respectively [3][24]. - The projected earnings per share (EPS) are expected to increase from 0.96 in 2023 to 2.15 in 2027, with corresponding price-to-earnings (PE) ratios of 33.8, 23.3, 25.2, 19.2, and 15.1 [3][24].

证券研究报告 | 2025年08月22日 欧圣电气（301187.SZ） 优于大市 2025 年中报点评：关税带来短期影响，养老产品入选工信部 试点 请务必阅读正文之后的免责声明及其项下所有内容 关税影响出货节奏导致Q2 收入下滑。公司2025H1 实现营收8.78 亿/+18.9%， 归母净利润 1.15 亿/+18.5%，扣非归母净利润 1.09 亿/+18.5%。其中 Q2 收 入 3.5 亿/-14.6%，归母净利润 0.54 亿/-1.4%。收入端 Q2 下滑主要受到关 税影响下，公司部分客户发货延迟影响。Q2 末存货余额 3.68 亿元，同比增 长 91%，较 Q1 末提升 106%，预计关税政策稳定后公司收入有望重回增长。 马来西亚产能稳步爬坡，盈利能力Q2 提升。2025H1毛利率34.42%/-1.67pct， Q2 毛利率+4.99pct 至 38.33%，预计主要是产品结构、渠道结构性变化带来 的影响。同时公司马来西亚工厂设计产值 20 亿元，从 2025 年 5 月开始爬坡， 同时公司马来西亚产能自动化程度较高，因此预计在关税背景下仍对公司的 毛利率起到积极的稳定作用。 公司Q2销售/ ...

欧圣电气（301187）(301187.SZ)公告，据国家工业和信息化部装备工业一司、民政部养老服务司联合 发布的《智能养老服务机器人结对攻关与场景应用试点项目公示名单》，公司子公司苏州伊利诺护理机 器人有限公司牵头的"面向长期卧床失能老人的二便护理机器人研发与应用项目"成功入选该公示名单。 ...

智通财经APP讯，欧圣电气(301187.SZ)公告，据国家工业和信息化部装备工业一司、民政部养老服务司 联合发布的《智能养老服务机器人结对攻关与场景应用试点项目公示名单》，公司子公司苏州伊利诺护 理机器人有限公司牵头的"面向长期卧床失能老人的二便护理机器人研发与应用项目"成功入选该公示名 单。 ...