国际化业务有望打造新的增长极。1H25 期间公司持续加码新兴市场和发达市场，一方面通过行业线 +区域线的模式发力越南、中东、泰国等区域并取得快速的销售收入增长；另一方面，公司聚焦头部客 户，在空压机、测试台等多个行业与TOP 客户建立较好的合作关系，并陆续获得批量订单且提升知名 度。1H25 期间公司海外收入约为13.2 亿元，同比增长39%，占比约为6.4%，考虑到海外业务市场空间 广阔且盈利能力更高，我们认为国际化业务有望为公司打造新的增长动能。 公司持续加码人形机器人，积极推进研发工作。1H25 期间公司推进低压伺服、无框力矩电机、关节模 组等产品进入开发阶段。此外公司也持续优化行星滚柱丝杠产品，目前已经完成送样工作。 2Q25 业绩符合我们预期 公司公布1H25 业绩：1H25 公司实现收入205.09 亿元，YoY+26.73%；净利润30.05 亿元， YoY+39.89%，扣非净利润26.71 亿元，YoY+29.15%；其中2Q25 收入115.31 亿元，YoY+18.99%，净利 润16.46 亿元，YoY+25.91%，扣非净利润14.38 亿元，YoY+12.59%，整体符合预期。 发 ...

业绩简评 8 月 25 日，公司发布 2025 半年度报告，1H25 实现营收 205.1 亿元，同比+26.7%，归母净利润 29.7 亿元，同比+40.1%，扣非归 母净利润 26.7 亿元，同比+29.1%，毛利率 30.2%，同比-1.5pct， 经营性现金流 30.2 亿元，同比+65%； Q2 实现营收 115.3 亿元，同比+19.0%，归母净利润 16.5 亿元， 同比+25.9%，扣非归母净利润 14.4 亿元，同比+12.8%%，毛利率 29.6%，同比-0.2pct，Q2 业绩略超预期。 经营分析 通用自动化：行业需求好转，公司营销&解决方案竞争力持续提升。 设备更新&数字化转型政策带动自动化行业需求复苏，25H1 OEM 市场规模同比+2%。公司持续加强营销网络部署及本土化服务， 25H1 整体自动化业务实现营收 88 亿元，同比+17%，毛利率 44.5%， 同比+0.7pct，伺服/低压变频器/小型 PLC/工业机器人市场份额 32%/22%/7%/8%,看好公司定制化解决方案优势持续提升市占率。 新能源汽车：维持高速增长，规模优势持续扩大。25H1 国内新能 源汽车销量 694 ...

Summary of Megmeet's Conference Call Company Overview - Megmeet operates in diverse sectors including industrial power, automation products, home appliances, new energy vehicles, and rail transit, maintaining a robust revenue structure despite challenges in the new energy vehicle segment due to external factors [2][5][6] Core Business Segments - The company's business structure includes: - **Power Business**: Core technology in industrial and display power supplies - **Automation Products**: Includes servo, frequency converters, and PLCs, showing steady growth - **Home Appliances**: Important segment including bathroom and variable frequency appliance controllers - **New Energy Vehicles and Rail Transit**: Involves control systems and wiring harnesses [3] Performance in Segments - Megmeet excels in various segments, with many categories ranking in the top tier of the industry, particularly in industrial power where it holds a leading position [4] Revenue Stability - Revenue fluctuations are primarily linked to the new energy vehicle sector, particularly influenced by the development of BAIC New Energy around 2018. Excluding this segment, other business areas have shown consistent growth over the past six years [5][6] Financial Reporting Quality - The quality of Megmeet's financial reports is reflected in high operational efficiency metrics, including per capita sales and turnover rates, alongside strong growth across segments and close collaboration with benchmark customers [7] Technological Investment - The company's technological foundation is crucial for future growth, with a focus on high-quality products and significant investment in promising technologies, particularly in AI power supplies, which are expected to yield high profitability and growth potential [8] Technical Advantages - Megmeet's technical advantages stem from its management team's background, primarily from Huawei, and its commitment to supporting talented individuals and small innovative companies, enhancing its supply chain collaborations [9][10] AI Power Supply Development - In the AI power supply sector, Megmeet is the only power company in mainland China officially partnered with NVIDIA. The anticipated release of NVIDIA's new GPU series is expected to significantly boost Megmeet's revenue and profit through increased demand for power supply systems [11] Business Expansion Strategy - Megmeet leverages its positioning advantage to expand its business by developing products that meet customer needs, thereby increasing customer value and integrating AI power supplies with traditional business lines [12] Future Growth Outlook - The outlook for Megmeet's future growth is optimistic, supported by stable core business, new profit-generating ventures, and favorable geopolitical developments that may enhance its position as a key supplier for NVIDIA [13] Other Recommended Companies - In addition to Megmeet, two other companies are recommended based on their market positioning, supply chain strength, and overall quality, contributing to a core list of overseas chain recommendations [14]

Core Viewpoint - Weichuang Electric is focusing on enhancing its product structure and expanding its business across multiple fields, while also emphasizing global market trends and technological innovations to meet customer demands. Group 1: Business Strategy and Outlook - The company plans to deepen its industry demand analysis and implement three main strategies: "full-category attack, full-field coverage," "entering the vast plain business," and "efficient collaboration to improve categories" to enhance its product structure and develop comprehensive solutions across various sectors such as heavy industry, light industry, high-end equipment, new energy, and robotics [2][3] - The company aims to continue its global expansion, focusing on new technologies and trends in the industrial automation sector to provide innovative products and solutions that support digital and sustainable industrial production [2] Group 2: Robotics Sector - In the humanoid robotics field, the company offers a complete set of motion actuator solutions, including various key components such as rotary joint modules and AI-powered software algorithms, to support the development of humanoid robots [3] - Future plans include increasing R&D investment to develop high-performance, high-quality, and reliable innovative products, enhancing market responsiveness, and promoting smart manufacturing upgrades [3] Group 3: Joint Ventures and Collaborations - The establishment of the joint venture Yizhi Lingqiao is aimed at deepening cooperation and resource integration to enhance overall operational efficiency, aligning with the company's strategic development needs [4] Group 4: International Revenue and Market Strategy - In Q1 2025, the company achieved overseas revenue of 99.2 million yuan, representing a year-on-year growth of 28.74%. The company plans to continue its global strategy, analyze overseas market conditions, and enhance its international marketing efforts [5] Group 5: Market Share and Competitive Advantages - The increase in market share is attributed to several factors: technological innovation, market demand recovery, effective marketing strategies, business structure optimization, and the company's strong brand presence [6] - The company leverages local advantages to narrow the gap with international giants in terms of product performance and technology, supported by government policies promoting the automation control industry [6] Group 6: Digital Energy Business - The company is implementing a "diversified construction of a smart energy new ecosystem" strategy, covering various solutions such as energy storage inverters and battery testing equipment, with current sales including inverters and energy storage devices [7]

Group 1: Robotics Sector - The company has been involved in the robotics field for over 10 years, assisting clients in system construction and commercial implementation [3] - Revenue from robotics primarily comes from industrial and logistics robots, with a positive outlook on humanoid and multi-legged robots [3] - The company is exploring new products in collaboration with partners and adjusting engineering based on real application scenarios [3] Group 2: Semiconductor Equipment - The company has made breakthroughs in core components for semiconductor equipment, responding to domestic supply risks as many manufacturers are trying to source locally [3] - The domestic compound annual growth rate (CAGR) for semiconductor equipment exceeds 40%, with the value of electrical control systems and components accounting for 10-15% of the market [4] - Some products have already been validated and shipped, while others are still in the verification phase [3] Group 3: High-End Equipment Strategy - The company has established a strategy for high-end equipment in semiconductor and machine tool sectors, capitalizing on increased replacement opportunities due to changing political circumstances [4] - In the high-end machine tool sector, the company collaborates with third-party teams to break through core processes in various subcategories [4] - The company focuses on application scenarios and the reliability of robotic structures to minimize failure sources [4] Group 4: Shareholder Actions - Recent shareholder reductions are attributed to long-term institutional investors who invested before the IPO and have been with the company for over 10 years [4] - The reductions are considered normal market behavior based on the investors' own funding cycles [4]

Group 1 - The company Wei Chuang Electric has established a solid market foundation by continuously launching mature general products to overseas markets, which helps in accumulating experience and resources for future market expansion [1] - The company is enhancing its product structure in inverters, servos, and PLCs, aiming to create a complete set of mature solutions while continuously expanding into heavy industry, light industry, high-end equipment, new energy, and robotics sectors [1] - In the robotics field, the company has deeply integrated into the industry chain, with self-developed results covering diverse key core components for mobile, collaborative, service, and humanoid robots, primarily providing complete motion actuator solutions focused on domestic customers [1] - The company leverages local advantages such as rapid response, better cost, and customized services to continuously narrow the gap with international giants [1] - The company is intensifying its research and development efforts in the digital energy sector, covering solutions for household storage and commercial storage inverter products [1] Group 2 - Shanghai Kuan Yuan Asset Management Co., Ltd. was established in May 2014 with a registered capital of 10 million yuan, focusing on asset management, industrial investment, corporate asset restructuring, mergers and acquisitions, investment consulting, financial consulting, business consulting, and marketing planning [2] - The core research team of Kuan Yuan Asset has over 10 years of successful secondary market investment experience, having navigated multiple market cycles and consistently ranking among the top in the industry for long-term performance [2] - Kuan Yuan Asset adheres to a value investment philosophy, focusing on identifying certain growth opportunities and sharing the growth fruits of listed companies, emphasizing stable long-term performance [2]

Group 1: Company Performance and Market Outlook - In April 2025, the company observed some impact from tariffs but deemed it minor, with further observation needed for May and June [1] - The company's Q1 2025 performance was driven by strong domestic GDP growth, consumer stimulus policies, and a rapid recovery in the lithium battery industry [1] - The 2024 gross margin for the general automation business is expected to decline by approximately 2 percentage points due to product structure changes [2] - The 2025 target for the general automation business is set between 10% to 30% [2] Group 2: Product Strategy and Development - The company is focusing on high-efficiency motors, large-load six-axis robots, and electromagnetic valves as part of its new product strategy [2] - The company aims to enhance its capabilities in digitalization and large PLCs to support the process industry [3] - The IFA industrial software platform is highlighted as a significant development, integrating IT and OT [10] Group 3: Market Expansion and Competition - The company plans to expand its presence in the process industry, expecting growth to exceed that of the general automation sector [4] - To compete with foreign brands, the company emphasizes high internal operational efficiency and customized solutions for specific industries [5] - The company is targeting both developed markets (Europe, USA) and emerging markets (Korea, Vietnam, India) for international expansion [9] Group 4: Future Investments and Innovations - The company views humanoid robots as a long-term investment opportunity, with a market realization expected in three years [12] - Investment in humanoid robotics will focus on core components and customized solutions based on client needs [13] - The Nanjing production base has been launched with a planned capacity of 400,000 units of industrial robots and precision machinery [14] Group 5: Financial Performance and Cash Flow - The company set a profit target for 2025 between 5% to 25%, considering external uncertainties [14] - Positive cash flow in 2024 and Q1 2025 is attributed to effective bill collection strategies [14]