Core Viewpoint - Longying Precision's stock price has experienced a significant fluctuation, with a cumulative increase of 32.59% over three consecutive trading days, prompting the company to clarify its lack of ownership in the robot company Yushu Technology, despite ongoing market speculation about a potential relationship between the two firms [2][5]. Company Summary - Longying Precision has made substantial investments in the humanoid robot components sector, accelerating production capacity and R&D efforts since 2024. The company is developing various materials such as aluminum, magnesium, titanium alloys, and engineering plastics for humanoid robot parts [5]. - In the first half of 2025, Longying Precision's revenue from overseas humanoid robot components exceeded 35 million yuan, a significant increase from 10.11 million yuan in 2024, and the company has secured mass production orders from several domestic humanoid robot brands [5]. - The company has been responding to inquiries on its "Interactive Easy" platform regarding its relationship with Yushu Technology, clarifying that no equity relationship exists, despite repeated questions from investors [2]. Industry Summary - Yushu Technology is preparing to submit its IPO application between October and December 2025, with significant technological advancements, including the announcement of the open-source UnifoLM-WMA-0 architecture designed for general robotic learning [6]. - The humanoid robot industry is gaining traction, shifting focus from mere technological breakthroughs to commercial viability, with client progress and order scale becoming key indicators of competitiveness [6]. - In the first five months of 2025, the financing amount in the robotics sector reached 23.2 billion yuan, surpassing the total of 20.9 billion yuan for the entire year of 2024, indicating a growing interest in the industry [6].

转自：中国证券报·中证网 报告还提到，在新能源领域，长盈精密配合国内及国外新能源电池客户开发了多种新型材料电芯结构件 的项目，同时多个新项目的定点落地工作也在稳步推进。2025年上半年公司新能源业务实现营业收入 29.39亿元，较去年同期增长37.09%。 长盈精密在互动易平台介绍，2021年至2024年，公司新能源业务收入依次分别为11.29亿元、24.67亿 元、35.40亿元、52.14亿元，年复合增长率超过66%，预计未来三年将继续保持增长。 此外，长盈精密半年报显示，公司从2024年开始加快人形机器人相关产能的建设，加大研发投入，为海 内外人形机器人客户开发如铝合金、镁合金、钛合金等金属材料，PEEK、IGUS等工程塑料，橡胶、硅 胶、尼龙、纤维织布等多种材料的零件，使用包括CNC、3D打印、压铸、注塑、滚齿、热压等多种成 型工艺，为人形机器人的结构件、执行器、传感器、变速齿轮、线束、电机等提供核心零部件。2025年 上半年，公司海外人形机器人零件实现收入超过3500万元，而2024年全年仅为1011万元。与此同时，公 司还取得了多个国产人形机器人品牌的量产订单。 中证报中证网讯（王珞）9月17日晚 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Views - The company achieved a revenue of 8.64 billion yuan in the first half of 2025, representing a year-on-year growth of 12.33%. However, the net profit attributable to shareholders decreased by 29.37% to 306 million yuan, while the net profit excluding non-recurring items increased by 32.18% to 288 million yuan [5][6] - The company is diversifying its product lines, with stable growth in revenue. The consumer electronics segment generated 5.30 billion yuan, while the new energy segment saw a 37.09% increase in revenue to 2.94 billion yuan. The overseas humanoid robot parts revenue exceeded 35 million yuan, compared to 10.11 million yuan for the entire year of 2024 [6] - The company is expanding its capabilities in humanoid robots and servers, which opens up growth opportunities. It has started ramping up production capacity for humanoid robots and has received mass production orders from several domestic and overseas brands. In the server segment, the company has developed high-speed backplane connectors for domestic leading clients and acquired a 51% stake in Shenzhen Weixian Technology Co., Ltd. to enhance its product offerings [6] Financial Summary - The company forecasts revenues of 19.26 billion yuan, 22.16 billion yuan, and 25.26 billion yuan for 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is projected to be 820 million yuan, 1.02 billion yuan, and 1.25 billion yuan for the same years [7][9] - The company’s financial metrics indicate a significant increase in net profit growth rate of 800.24% for 2025, followed by 5.67% and 24.67% for 2026 and 2027, respectively. The earnings per share (EPS) is expected to rise from 0.60 yuan in 2025 to 0.92 yuan in 2027 [9][10]

格隆汇9月2日｜太平洋证券研报指出，长盈精密2025H1实现归母净利润3.06亿元，同比减少29.37%， 业绩符合预期，消费电子、新能源领域稳健增长，人形机器人产能建设加快。在人形机器人领域，得益 于公司提前布局，2025年上半年海外人形机器人零件实现收入超过3,500万元，而2024年全年仅为1,011 万元。除此外，报告期内公司还取得了多个国产人形机器人品牌的量产订单。在全球能源转型与绿色发 展的大背景下，新能源行业将持续保持高速增长与创新变革的趋势。在具身智能人形机器人领域，受生 成式人工智能和大语言模型的催化，已经进入商业化应用阶段，有望成为继计算机、智能手机、新能源 汽车之后的颠覆性产品，将深刻变革人类生产生活方式。维持公司"买入"评级。 ...

Core Viewpoint - The company reported a mixed performance in H1 2025, with revenue growth driven by stable performance in consumer electronics and significant growth in the new energy sector, while net profit declined due to last year's one-time investment gains [1][2]. H1 Performance Summary - Revenue reached 8.64 billion, up 12.3% year-on-year - Net profit attributable to shareholders was 310 million, down 29.4% year-on-year - Non-recurring net profit was 290 million, up 32.2% year-on-year - Gross margin was 18.8%, up 0.8 percentage points year-on-year - Net margin was 4.0%, down 2 percentage points year-on-year - Excluding last year's investment gain of 180 million from Guangdong Tianji, net profit would have increased by approximately 24% year-on-year [1]. H1 Business Structure - Consumer Electronics: Revenue of 5.304 billion, up 1.5% year-on-year, with a gross margin of 20.3%, up 2.1 percentage points year-on-year. The company made significant breakthroughs in developing key components for AI PCs and wearable products [2]. - New Energy: Revenue of 2.938 billion, up 37.1% year-on-year, with a gross margin of 14.4%, down 2.5 percentage points year-on-year. The company’s production capacity in various locations contributed to rapid revenue growth and increased market share [2]. - Robotics: Overseas humanoid robot parts revenue exceeded 35 million, compared to 10.11 million for the entire previous year. The company also secured multiple mass production orders from domestic humanoid robot brands [2]. Outlook for 2025-2026 - Continued growth in consumer electronics and new energy sectors, coupled with optimized management capabilities, is expected to further enhance profitability. New projects in consumer electronics, such as AI Phone and AI glasses, are anticipated to drive additional revenue [3]. - The company is strategically positioned in the robotics sector, establishing partnerships with leading domestic and international humanoid robot companies, which may lead to becoming a key component supplier [3]. - Revenue projections for 2025-2027 are 19.47 billion, 22.40 billion, and 25.76 billion, with net profits of 790 million, 1.01 billion, and 1.30 billion, respectively. The current PE ratios are 45.5, 35.5, and 27.4 [3].

证券研究报告 | 公司点评报告 2025 年 09 月 01 日 长盈精密（300115.SZ） H1 经营利润持续释放，机器人赛道具有卡位优势 TMT 及中小盘/电子 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 13722 | 16934 | 19474 | 22395 | 25755 | | 同比增长 | -10% | 23% | 15% | 15% | 15% | | 营业利润(百万元) | 160 | 947 | 975 | 1260 | 1632 | | 同比增长 | 653% | 491% | 3% | 29% | 30% | | 归母净利润(百万元) | 86 | 772 | 786 | 1008 | 1303 | | 同比增长 | 101% | 800% | 2% | 28% | 29% | | 每股收益(元) | 0.06 | 0.57 | 0.58 | 0.74 | 0.96 | | PE | 417.3 | 46.4 ...

Core Insights - The humanoid robot sector is gaining global attention, particularly with the upcoming launch of the first humanoid robot from the collaboration between Nvidia and Foxconn, which enhances the industry's attractiveness [1] - Changying Precision's 2025 semi-annual report highlights a surge in overseas orders for humanoid robots, indicating a strong market response [1][2] Group 1: Revenue Growth - Changying Precision reported overseas revenue from humanoid robot components exceeding 35 million yuan in the first half of 2025, a significant increase from 10.11 million yuan for the entire year of 2024, showcasing a multi-fold growth in just six months [2] - The company has accelerated the construction of humanoid robot-related production capacity and increased R&D investment since 2024, leading to substantial achievements in the sector [2] Group 2: Technological Capabilities - Changying Precision has developed capabilities to produce various material components for humanoid robots, including aluminum, magnesium, titanium alloys, and engineering plastics like PEEK and IGUS, as well as rubber, silicone, nylon, and fiber fabrics [2] - The company employs advanced manufacturing techniques such as CNC, 3D printing, die-casting, injection molding, gear hobbing, and hot pressing to provide critical components for humanoid robots [2] Group 3: Client Relationships and Market Potential - The primary overseas clients for Changying Precision's humanoid robot components are two leading North American companies, T Company and F Company, both of which have begun mass production of their humanoid robots [3] - T Company aims to produce 5000 units this year, with a long-term goal of 1 million units annually, indicating significant growth potential for Changying Precision as a parts supplier [3] - F Company's BotQ factory, which integrates supply chains and AI capabilities, has an annual production capacity of 12,000 units, with plans to expand to 100,000 units per year over the next four years, further benefiting Changying Precision [3] - The company has also secured mass production orders from multiple domestic humanoid robot brands, diversifying its client base and enhancing its influence in the global humanoid robot market [3]