Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][6] Core Views - The company achieved a significant growth in Q2, with revenue doubling and a strong focus on robotics research and development [1][2] - The company reported a revenue of 250 million yuan in the first half of the year, representing a year-on-year increase of 45.8%, and a net profit of 50 million yuan, also up by 45.9% [2] - In Q2 alone, the revenue reached 150 million yuan, marking a year-on-year increase of 69.5% and a quarter-on-quarter increase of 56.5% [2] Financial Performance - The company’s gross margin for the first half of the year was 34.8%, down by 5.6 percentage points year-on-year, while the net margin improved to 21.9%, up by 0.2 percentage points [5] - The company’s revenue from harmonic reducers and metal components was 200 million yuan, up by 34.4% year-on-year, while mechatronic products saw a revenue increase of 69.7% to 40 million yuan [4][5] - The company’s earnings per share (EPS) for 2025 is projected to be 0.53 yuan, with corresponding price-to-earnings (P/E) ratios of 277.2, 220.8, and 176.8 for 2025, 2026, and 2027 respectively [6][10] Market Position and Strategy - The company is positioned as a leader in domestic harmonic reducers and is expanding its product matrix and capabilities in high-end applications [6] - The establishment of a wholly-owned subsidiary in Shanghai for core components of embodied intelligent robots and a joint venture for developing sensors indicates a strategic focus on robotics [5][6]