Core Viewpoint - In the first half of 2025, the company achieved revenue of 1.103 billion yuan and a net profit attributable to shareholders of 640 million yuan, representing year-on-year growth of 24.89% and 30.32% respectively, driven by high power demand and overseas business expansion [1][2][3] Financial Performance - The company reported a revenue of 1.103 billion yuan in H1 2025, a year-on-year increase of 24.89%, and a net profit of 640 million yuan, up 30.32% year-on-year. The net profit excluding non-recurring items was 594 million yuan, reflecting a growth of 25.97% [2][3] - In Q2 2025, the company achieved revenue of 608 million yuan, a year-on-year increase of 20.92%, and a net profit of 385 million yuan, up 29.24% year-on-year [2][3] Product Segmentation - Revenue from different product segments in H1 2025 included 677 million yuan from flat products, 237 million yuan from pipe materials, and 34 million yuan from 3D solutions, accounting for 61.36%, 21.43%, and 3.11% of total revenue respectively [3] - The company maintained a leading position in the domestic high-power laser cutting market, achieving breakthroughs in product sales and technical performance [5] Profitability - The gross profit margin for H1 2025 was 78.83%, a decrease of 1.79 percentage points year-on-year. The gross profit margins for flat products, pipe materials, and 3D solutions were 82.13%, 85.53%, and 85.01% respectively [3] - The net profit margin attributable to shareholders was 58.01%, an increase of 2.42 percentage points year-on-year, benefiting from growth in non-recurring income such as government subsidies [4] Business Expansion - The company is expanding its intelligent welding business based on its laser cutting technology, with a focus on increasing penetration in downstream sectors such as shipbuilding and bridges [5][6] - The company is also targeting precision processing in various fields including photovoltaics and lithium batteries, which opens up long-term growth opportunities [6][7] Investment Outlook - The company is expected to achieve net profits attributable to shareholders of 1.107 billion yuan, 1.375 billion yuan, and 1.686 billion yuan for 2025 to 2027, representing year-on-year growth of 25.43%, 24.22%, and 22.55% respectively [8]

制造业景气下滑、竞争格局恶化、盈利水平下滑等。 智能焊接进入1 到N 放量元年，工控软件龙头无边界成长逻辑打通1）智能焊接：我们预计仅我国钢结 构行业对于智能焊接控制系统的潜在存量需求约107 亿元，经历了过去2-3 年的技术打磨，行业具备1 到N 放量的底层技术条件，公司与多家主流钢构厂建立紧密合作关系。此外，根据高工机器人，钱江、 倍可、大族、藦卡、沪工等集成商均已直接采用公司免示教焊接系统，公司先发优势明显，充分受益于 行业发展浪潮。2）精密加工：公司研发高性能振镜控制系统，配合驱控一体产品、视觉定位模块，提 供Topcon 激光加工的成套解决方案；储备BC 电池激光图形化、钙钛矿电池激光制程等技术方案，进一 步拓展能力圈。 投资建议 我们上调公司2025-2027 年营业收入预测分别为22.75、29.55 和37.76 亿元（原值22.13、28.17、35.72 亿 元），分别同比+31%、+30%和+28%；上调2025-2027 年归母净利润预测分别为11.33、14.67 和18.70 亿 元（原值10.97、13.91、17.60 亿元），分别同比+28%、+29%和+28%；上调2025 ...