Summary of the Conference Call for Ju Yi Technology Company Overview - **Company**: Ju Yi Technology - **Period**: First half of 2025 - **Revenue**: 1.899 billion RMB, a year-on-year increase of 25.9% [2][6] - **Net Profit**: Significant improvement with a net profit growth of 69.48% [3][6] Key Highlights Financial Performance - **Q2 Revenue Growth**: Q2 revenue increased by 42.45% year-on-year [2][6] - **Gross Margin**: Overall gross margin improved to 15.52%, with smart equipment at 17.43% and motor control at 12.79% [2][8] - **Operating Cash Flow**: Increased by 15.83% to 137 million RMB [2][3] - **Cash and Equivalents**: Grew by 42% to 1.097 billion RMB [2][3] Business Segments Smart Equipment - **Stable Performance**: New orders exceeded 1.8 billion RMB, with over 500 million RMB from overseas [2][5] - **Key Partnerships**: Collaborations with major automotive companies like BYD, Geely, and Tesla, accounting for over 80% of revenue [2][5] Motor Control Components - **Explosive Growth**: Revenue increased by over 100% year-on-year, with overseas revenue growing by over 150% [2][5] - **New Projects**: Significant increase in orders from clients like Ideal, Vietnam VF, and Changan [2][5] Strategic Initiatives R&D Investment - **R&D Spending**: 136 million RMB, a 22.47% increase, representing 7.14% of revenue [4][9] - **Focus Areas**: Development in smart connections, automation technology, and AI integration [4][10] Future Outlook - **Profitability Expectations**: Motor control business expected to reach breakeven, with potential profitability next year [4][15] - **International Expansion**: Plans to enhance international operations and supply chain channels [11][38] Operational Improvements - **Cost Management**: Reduction in three expense ratios by 0.37 percentage points [3][8] - **Accounts Receivable**: Decreased by 194 million RMB, with a credit impairment reversal of 10.04 million RMB [2][3][18] Market Positioning - **Automation in Assembly**: Focus on increasing automation in assembly lines, addressing the need for higher efficiency [31][32] - **AI Integration**: Ongoing development of AI applications to enhance operational efficiency and product quality [37][40] Conclusion - **Management Confidence**: Positive outlook for the second half of 2025, with expectations of improved business scale and operational efficiency [15][16][17]

上 市 公 司 公 司 研 究 机械设备 2025 年 05 月 13 日 巨一科技 (688162) —— 盈利拐点已现，看好具身智能场景应用落地 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 05 月 12 日 | | --- | --- | | 收盘价（元） | 26.79 | | 一年内最高/最低（元） | 30.90/15.29 | | 市净率 | 1.6 | | 股息率%（分红/股价） | 0.82 | | 流通 A 股市值（百万元） | 3,673 | | 上证指数/深证成指 | 3,369.24/10,301.16 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 17.19 | | 资产负债率% | 69.17 | | 总股本/流通 A 股（百万） | 137/137 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 05-13 06-13 07-13 08-13 09-13 10-13 11-13 12-13 ...