Core Viewpoint - Longying Precision has shown strong growth in both consumer electronics and new energy sectors, with a significant increase in revenue and net profit in the first half of 2025, indicating a positive outlook for the company [1][2]. Group 1: Company Performance - In the first half of 2025, Longying Precision achieved revenue of 8.64 billion yuan, a year-on-year increase of 12.33%, and a net profit of 288 million yuan, reflecting a growth of 32.18% [1]. - The consumer electronics segment accounted for approximately 70% of total revenue, while the new energy segment contributed about 30% [1]. - Revenue from the consumer electronics business was 5.30 billion yuan, showing stable growth, while the new energy business revenue reached 2.94 billion yuan, marking a significant increase of 37.09% year-on-year [1]. Group 2: Business Development and Strategy - The company has established a dual pillar development strategy focusing on consumer electronics and new energy, along with artificial intelligence [1]. - Longying Precision has acquired a 51% stake in Shenzhen Weixian Technology Co., enhancing its product line for high-speed copper connector modules [1]. - The company is preparing for the mass production of important projects for major clients in the consumer electronics sector, particularly in AI glasses, which is expected to drive future growth [2]. Group 3: R&D and Production Capacity - R&D expenses have increased due to preparations for significant projects and the expansion of product categories related to AI glasses [2]. - Longying Precision has production bases in Vietnam and Mexico, with plans for a factory in Hungary and a smart manufacturing park in Shenzhen expected to be operational by the fourth quarter of this year [2]. - The humanoid robot business has generated revenue of 35 million yuan in the first half of the year, with cumulative deliveries exceeding 80 million yuan by the end of August [2]. Group 4: Competitive Advantage - The company has a strong competitive edge in the humanoid robot sector, leveraging its expertise in precision molds and a skilled workforce [2]. - Longying Precision's ability to provide one-stop services for early humanoid robot clients, including design optimization and cost reduction suggestions, enhances its market position [2].

人民财讯9月24日电，长盈精密(300115)9月23日接受机构调研时表示，今年年初到8月底，公司累计交 付了人形机器人结构件产品的价值已经超过了8000万元。目前公司在人形机器人业务上供应给客户的料 号超过400个。公司的项目集中在灵巧手上的传动件，现在逐步增加至大尺寸的传动件。 转自：证券时报 ...

格隆汇9月24日｜长盈精密(300115.SZ)接受机构调研时表示，公司比较早布局这块（人形机器人）业 务，最早对接的海外品牌，所以目前出后比较多的也是海外品牌。今年上半年两个海外品牌贡献营收 3500万人民币。今年年初到8月底，公司累计交付了人形机器人结构件产品的价值已经超过了8000万 元。目前公司在人形机器人业务上供应给客户的料号超过400个。公司的项目集中在灵巧手上的传动 件，现在逐步增加至大尺寸的传动件。公司是从超精密的小件，逐步做到高价值量的大件的。当然，不 管是小件还是大件，精密度都非常高，超过普通消费类电子产品的精度。 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential relative price increase of over 15% [20]. Core Views - The company is expected to achieve revenue, net profit attributable to shareholders, and net profit excluding non-recurring gains and losses of 6.746 billion, 940 million, and 879 million yuan in 2024, representing year-on-year growth of 13.24%, 2.86%, and 0.40% respectively [1][3]. - In Q1 2025, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring gains and losses of 1.666 billion, 257 million, and 236 million yuan, with year-on-year growth of 1.41%, 10.94%, and 6.64% respectively [1][3]. - The company is advancing its globalization strategy and is firmly positioned in the "new energy vehicles + intelligent driving" product segment, aiming to deepen partnerships with leading overseas auto parts suppliers while expanding its market share in traditional small parts [1][12]. - The company is also focusing on optimizing its product structure and expanding its business from small to medium and large components, benefiting from the global trend of automotive lightweight upgrades [1][12]. Financial Performance Summary - In 2024, the company achieved total revenue of 6.746 billion yuan, a year-on-year increase of 13.24%, and a total profit of 1.091 billion yuan, up 2.5% year-on-year [2]. - The automotive segment generated revenue of 6.508 billion yuan in 2024, reflecting a growth of 14.75%, while the industrial segment saw a decline in revenue to 171 million yuan, down 27.72% [3][10]. - The company's gross margin for 2024 was 27.65%, a decrease of 1.44 percentage points year-on-year, primarily due to rising raw material costs [10][11]. Production and Capacity Expansion - The company is steadily constructing production facilities both domestically and internationally, with factories in Henshan, Ma'anshan, and Malaysia on schedule, and the first phase of the Mexico factory turning profitable [11]. - The company is also expanding its product categories to align with trends in the automotive and humanoid robot industries, maintaining a high equipment utilization rate of over 90% [11].