Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's revenue for H1 2025 reached 1.899 billion yuan, a year-on-year increase of 25.99%, while the net profit attributable to shareholders was 40 million yuan, up 69.48% year-on-year [1] - The electric drive business is experiencing rapid growth, with a significant increase in revenue and profitability, although the second quarter's performance was impacted by expense recognition [1][2] - The company has a robust order backlog in its intelligent equipment segment, with new orders exceeding 1.8 billion yuan in H1 2025, including over 500 million yuan from overseas projects [2] Financial Performance - In Q2 2025, the company achieved revenue of 939 million yuan, a year-on-year increase of 42.45%, but a quarter-on-quarter decrease of 2.13% [1] - The gross margin for Q2 2025 was 15.85%, an increase of 0.65 percentage points from the previous quarter, while the total expense ratio rose to 15.34%, up 2.86 percentage points [1] - The intelligent equipment business generated revenue of 1.12 billion yuan in H1 2025, a decrease of 3.8% year-on-year, while the electric drive business saw revenue of 780 million yuan, a substantial increase of 126% year-on-year [1][2] Profitability Forecast - The company is expected to see net profits attributable to shareholders of 130 million yuan, 179 million yuan, and 210 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 34, 25, and 21 times [2]

Group 1 - The core viewpoint of the news is that 巨一科技 (Ju Yi Technology) is experiencing significant financial activity, with a notable increase in revenue and net profit, alongside high financing and margin trading levels [1][2]. Group 2 - As of August 25, 2023, 巨一科技's stock price decreased by 0.52%, with a trading volume of 83.14 million yuan [1]. - The financing buy-in amount on that day was 10.17 million yuan, while the financing repayment was 12.79 million yuan, resulting in a net financing buy-in of -2.62 million yuan [1]. - The total financing and margin trading balance for 巨一科技 reached 104 million yuan, accounting for 2.34% of its circulating market value, which is above the 90th percentile level over the past year [1]. - On the same day, there were no shares sold or repaid in the margin trading segment, indicating a high level of inactivity [1]. Group 3 - As of June 30, 2023, the number of shareholders for 巨一科技 increased to 6,707, representing an 11.25% rise compared to the previous period [2]. - The average number of circulating shares per shareholder rose to 20,441 shares, a 97.12% increase [2]. - For the first half of 2023, 巨一科技 reported a revenue of 1.899 billion yuan, marking a year-on-year growth of 25.99% [2]. - The net profit attributable to the parent company was 39.79 million yuan, reflecting a year-on-year increase of 69.48% [2]. Group 4 - Since its A-share listing, 巨一科技 has distributed a total of 116 million yuan in dividends, with 74.70 million yuan paid out over the last three years [3].

证券研究报告|公司动态报告 [Table_Date] 2025 年 04 月 29 日 [Table_Title] 经营困境反转，盈利能力修复 [Table_Title2] 巨一科技(688162) [Table_Summary] 公司发布 2024 年报及 25 年一季报 2024 年，公司实现营收 35.2 亿元，同比-4.5%，实现归母净利 润 0.2 亿元，同比扭亏为盈。24Q4，公司实现营收 11.9 亿 元，同比-11.8%；实现归母净利润 0.4 亿元，同比扭亏为盈。 25Q1，公司实现营收 9.6 亿元，同比+13.2%；实现归母净利 润 0.3 亿元，同比+3.3%。 ► 24 年海外收入有所下滑，新能源汽车电机电控高 速增长 分市场来看，2024 年公司国内营收 31.9 亿元，同比+0.2%； 海外营收 2.8 亿元，同比-35.6%。分产品来看，①智能装备收 入下滑，24 年营收 23.4 亿元，同比-20.2%，收入占比降至 66%；②新能源汽车电机电控零部件同比大幅增长，营收实现 11.3 亿元，同比+64.1%，收入占比提升至 32%。 ► 24 年毛利率修复，控制期间费用，净利 ...