事件：公司发布2025 年中报，实现营业收入1.61 亿元，同比增长51.66%，归母净利润0.23亿元，同比 增长199.23%，扣非归母净利润0.16 亿元，同比增长109.86%。其中二季度收入0.82 亿元，同比增长 48.69%，归母净利润0.15 亿元，同比增长200.68%，扣非归母净利润0.12 亿元，同比增长188.78%。 盈利预测与评级：我们预计公司2025-2027 年归母净利润分别为0.53/0.97/1.70 亿元，同比增速分别为 179.77%/81.09%/76.14%，当前股价对应的PE 分别为88/49/28 倍。鉴于公司主业的国产替代的长期增长 逻辑，以及后续子公司谛听核心技术在深海科技的应用以及动平衡机在机器人生产领域的应用，都是公 司潜在业绩的快速增长点，我们维持"买入"评级。 平衡机业务增长稳健，自动化设备及软件信息系统业务贡献业绩增速。2025H1，分产品看： 风险提示：人形机器人产业化不及预期、供应链导入不及预期、深海经济发展不及预期 1）平衡机及配件业务实现1.04 亿元（同比+9.44%），毛利率为43.70%（同比-0.01pct）；2）自动化设 备及配件 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [5][12] Core Viewpoints - The recent military parade on September 3 has increased market attention on the "Deep Sea Technology" strategy, which emphasizes resource security, national defense construction, and blue economy, with situational awareness being a key focus [5] - The government work report has elevated "Deep Sea Technology" to a strategic level, highlighting the need for a comprehensive underwater perception system to address security challenges posed by foreign reconnaissance devices in China's waters [5] - The construction of situational awareness capabilities is deemed essential for development, with sonar equipment being the core component due to the complexities of underwater signal processing [5] Summary by Relevant Sections - **Investment Highlights**: The focus is on the construction of situational awareness capabilities, particularly in underwater signal processing, which faces significant challenges due to environmental noise and target stealth [5] - **Sector Performance**: Key companies to watch include China Marine Defense, Jizhi Co., and Zhongke Haixun, each with unique capabilities in underwater information acquisition, intelligent underwater technology, and sonar systems [5] - **Company Profiles**: - **China Marine Defense**: Engages in underwater information systems and has acquired assets from various military units [5] - **Jizhi Co.**: Collaborated with Zhijiang Laboratory to develop intelligent underwater sound technology, entering a revenue-generating phase [5] - **Zhongke Haixun**: Provides signal processing platforms and has core technologies in sonar systems, capable of offering comprehensive solutions [5]

Investment Rating - The report assigns an investment rating of "Buy" for the company, marking its first coverage [6][11][13]. Core Views - The company is positioned as a leader in the domestic automatic balancing machine market, with high potential for earnings elasticity due to its significant investments in R&D and expansion into new fields such as deep-sea technology, aerospace, and robotics [7][15]. - The deep-sea listening technology is deemed a cornerstone of deep-sea technology, with potential for substantial growth as it addresses national security concerns [8][31]. - The company is expected to benefit from domestic substitution trends and the growth of the robotics industry, with a projected market space exceeding 7.95 billion yuan in the robotics sector alone [10][15]. Summary by Sections 1. Domestic Leader in Balancing Machines - The company is the only A-share listed enterprise in China focusing on automatic balancing machines, with a strong brand presence in various sectors including home appliances and automotive [21]. - The average expense ratio for R&D, management, and sales from 2016 to 2024 is 39.05%, indicating high upfront costs that may lead to future earnings growth as new orders materialize [16][30]. 2. Deep-Sea Listening Technology - The deep-sea listening technology is critical for national security, with increasing emphasis on developing a multi-dimensional underwater defense system [31][36]. - The company has initiated the development of an "intelligent underwater acoustic signal processing system" in collaboration with ZhiJiang Laboratory, with commercial applications expected to ramp up in 2024 [47]. 3. Benefits from Domestic Substitution and Robotics Development - The company is set to lead the domestic substitution in high-speed balancing machines, a market previously dominated by foreign firms [9][15]. - The robotics sector is projected to create significant demand for balancing machines, with an estimated market potential of over 7.95 billion yuan [10][15]. - The company has successfully launched various balancing machines tailored for the robotics industry, positioning itself to capitalize on the anticipated growth in this sector [10][15]. 4. Profit Forecast and Valuation - The company is expected to achieve net profits of 53 million yuan, 97 million yuan, and 170 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding growth rates of 179.77%, 81.09%, and 76.14% [11][13]. - The current price-to-earnings ratios for 2025, 2026, and 2027 are projected to be 82, 46, and 26 times, respectively, indicating strong growth potential [11][13].