事件：公司发布25 年中报，25H1 营收205 亿元，同比+27%，归母净利润29.7 亿元，同比+40%，扣非 净利润26.7 亿元，同比+29%；毛利率30.2%，同比-1.5pct，归母净利率14.5%，同比+1.4pct。其中： 25Q2 营收115 亿元，同比+19％，归母净利润16.5 亿元，同比+26%，扣非净利润14.4 亿元，同比 +13%，毛利率29.6%，同比-0.2pct，归母净利率14.3%，同比+0.8pct。归母略超预期，主要系股权投资 项目公允价值变动+欧元升值；扣非业绩整体符合市场预期。 通用自动化：下游复苏趋势明确、多方案并施再现强劲α。公司25H1/25Q2 通用自动化业务收入88/47 亿元，同比+17%/+7%。1）行业层面：根据MIR，25Q2 OEM/项目型市场销售额同比 +0.5%/-2.7%（25Q1分别为+3.3%/+1.8%）。2）公司层面：面对关税等外部不确定性，通过1）对TOP 客户组织迭代，成立传动产品线；2）成立IFA 部门打造工厂级解决方案；3）继续实施扎寨子计划布局 下沉市场。分产品看，25Q2低压变频/交流伺服/PLC&HMI 销售额分别同 ...

◼ 新能源汽车：定点持续放量带动收入高增、规模效应&费率缩减打开利 润率空间。公司 25H1/25Q2 新能源车收入 90/52 亿元，同比+66%/49%。 根据 GGII，25H1 联合动力电控市占率为 11.8%（24H1/24H2 为 10.0%/11.9%），稳居第三方供应商第一名。TOP 客户理想/广汽埃安/奇 瑞/小米/吉利/小鹏 25H1 销量同比+2%/-21%/+6%/+200%/+54%/+242%， 定点车型持续放量，新增定点支撑未来增长，1）内资新势力、内资传统 车企、海外车企订单均快速增长，客户多样化发展；2）电驱总成保持快 速增长，电机&电源加速放量，多合一总成超额完成目标；3）产能扩充 顺利，苏州工厂二期和三期顺利推进，匈牙利工厂完成首个客户项目样 件下线。利润端，25H1 子公司联合动力实现净利润 5.5 亿元，同比+45%， 净利率为 6.0%；预计 25 年电动车收入有望达 225-240 亿元，同比+40- 50%，利润有望达 12~15 亿元，依靠规模效应&费率缩减，净利率有望 进一步提升。 ◼ 电梯：积极寻找国内旧梯换新及海外市场机会点。公司 25H1 电梯收入 为 ...

Investment Rating - The report provides a positive investment outlook for the industrial control and power equipment sectors, highlighting stable growth and potential for new growth curves driven by humanoid and AI technologies [1]. Core Insights - The industrial control and power equipment industry experienced a revenue increase of 9% year-on-year and a net profit increase of 14% in Q1 2025, with total revenues reaching 204.7 billion and net profits at 14 billion [2][6]. - The overall gross profit margin for the industry faced pressure, recorded at 27.4% in Q1 2025, showing a year-on-year decline of 0.8 percentage points but an increase of 3.2 percentage points compared to the previous quarter [2][8]. - The report indicates a recovery in demand for industrial control in Q1 2025, with leading companies like Huichuan Technology exceeding profit expectations [2][26]. Summary by Sections Industrial Control Sector - The industrial control sector achieved a revenue of 28.2 billion in Q1 2025, marking a 27% increase year-on-year, with net profits rising by 33% to 2.5 billion [2][6]. - The gross profit margin for the industrial control sector was 28.3%, down 3.4 percentage points year-on-year but up 2.7 percentage points quarter-on-quarter [2][8]. - Huichuan Technology reported a significant revenue increase of 38% and a net profit increase of 63% in Q1 2025 [2][26]. Power Equipment Sector - The power equipment sector's revenue for Q1 2025 was 118.8 billion, a 4% increase year-on-year, with net profits at 7.1 billion, reflecting a 6% increase [2][6]. - The gross profit margin for the power equipment sector was under pressure, with a slight decline in profitability observed [2][8]. - The report highlights that the high-voltage and ultra-high voltage segments are beginning to rebound, with revenue growth expected in the coming quarters [2][26]. Investment Recommendations - For the power grid sector, the report recommends companies such as Siyi Electric, Samsung Medical, and China West Electric, while suggesting a watch on companies like Huaming Equipment and Mingyang Electric [2][26]. - In the industrial control sector, recommended companies include Huichuan Technology, Hongfa Technology, and Sanhua Intelligent Control, with a focus on companies like Megmeet and Hechuan Technology for potential growth [2][26].