Core Viewpoint - The company reported a revenue of 1.224 billion yuan in the first half of 2025, representing a year-on-year increase of 15.44%, and a net profit attributable to shareholders of 105 million yuan, up 1.38% year-on-year [1] Revenue and Profit Analysis - In Q2 2025, the company achieved a revenue of 618 million yuan, which is a year-on-year increase of 25.03%, while the net profit attributable to shareholders was 46 million yuan, showing a year-on-year decrease of 9.04% [1] - The revenue from the company's new energy vehicle components, EGR and injection systems, and precision automotive parts for the first half of 2025 was 485 million, 451 million, and 287 million yuan respectively, with year-on-year growth rates of 6.05%, 27.44%, and 19.61% [2] Margin and Cost Structure - The net profit margin for Q2 2025 was 7.45%, down by 2.79 and 2.23 percentage points year-on-year and quarter-on-quarter respectively [3] - The gross margin in Q2 2025 decreased by 1.46 percentage points to 18.01% year-on-year, primarily due to increased depreciation and slower revenue growth [3] - The company maintained a good control over selling expenses, with a selling expense ratio of 0.42%, down 1.02 and 0.35 percentage points year-on-year and quarter-on-quarter respectively [3] Strategic Developments - The company is progressively clarifying its "1+3" strategic layout in humanoid robotics, with "1" referring to the self-developed "Lansen" robot and "3" to three core components: harmonic reducers, dexterous hands, and tactile sensors [4] - The company successfully developed a lightweight harmonic reducer that reduces weight by 30%-40% compared to traditional products, with an expected production capacity of approximately 70,000 units by Q1 2026 [4] Future Outlook - The company anticipates a recovery in performance in the second half of 2025, driven by volume and price increases in its main business, alongside a well-established layout in the humanoid robotics sector [5] - The profit forecast for 2025-2027 has been adjusted to 327 million, 414 million, and 482 million yuan respectively, with the current stock price corresponding to PE ratios of 30.0, 23.8, and 20.4 times [5]

证券研究报告 汽车 报告日期：2025 年 09 月 01 日 Q2 营收增长业绩短暂承压，看好公司人形机器人领域战略布局 ——隆盛科技（300680.SZ）2025 年半年报点评报告 华龙证券研究所 投资评级：买入（维持） 最近一年走势 | 当前价格（元） | 43.14 | | --- | --- | | 52 周价格区间（元） | 15.25-49.50 | | 总市值（百万元） | 9,823.67 | | 流通市值（百万元） | 7,585.66 | | 总股本（万股） | 22,771.61 | | 流通股（万股） | 17,583.81 | | 近一月换手（%） | 193.92 | 分析师：杨阳 执业证书编号：S0230523110001 邮箱：yangy@hlzq.com 分析师：李浩洋 执业证书编号：S0230525080001 邮箱：lihy@hlzq.com 2025.04.22 2025.03.14 请认真阅读文后免责条款 事件： 公司发布 2025 年半年报：公司 2025 年上半年实现营收 12.24 亿 元，同比+15.44%，实现归母净利润 1.05 亿元，同比+1.38%； ...

Financial Performance - In the first half of 2025, the company reported revenue of 1.224 billion yuan, a year-over-year increase of 15.4%, and a net profit attributable to shareholders of 105 million yuan, up 1.4% year-over-year [1] - In Q2 2025, the net profit attributable to shareholders was 46 million yuan, reflecting a year-over-year and quarter-over-quarter decrease of 9.0% and 21.5% respectively [1] Revenue Breakdown - The sales gross margin and net profit margin for H1 2025 were 18.1% and 8.9% respectively [2] - EGR revenue reached 451 million yuan, a year-over-year increase of 27.44%, with a gross margin of 21.33%, down 3.14 percentage points year-over-year [2] - New energy business revenue was 484 million yuan, up 6.05% year-over-year, with a gross margin of 9.63%, down 2.27 percentage points year-over-year [2] - Precision automotive parts revenue was 287 million yuan, a year-over-year increase of 19.61%, with a gross margin of 22.88%, down 1.43 percentage points year-over-year [2] Aerospace and Robotics Developments - In H1 2025, the company saw a doubling in business volume for satellite modules and drone projects, and expanded into precision missile component support [3] - The company successfully overcame key technical challenges in harmonic reducers, improving product performance and reducing weight by 30%-40% compared to traditional products [4] - The "Lansen 2nd generation" robot has advanced from executing fixed commands to intelligent decision-making and optimization, enhancing operational precision and collaborative capabilities [4] Strategic Partnerships and Innovations - The company has invested in Dido Technology, which has developed the world's first millimeter-level high-performance tactile sensor, enhancing robotic capabilities in precision tasks [5][6] - The collaboration aims to improve automation in production and industrial inspection, addressing the common industry challenge of advanced technology implementation [6] Profit Forecast - The company is projected to achieve revenues of 3.27 billion yuan, 4.23 billion yuan, and 5.34 billion yuan from 2025 to 2027, with year-over-year growth rates of 36.5%, 29.3%, and 26.2% respectively [7] - The net profit attributable to shareholders is expected to reach 321 million yuan, 419 million yuan, and 513 million yuan during the same period, with growth rates of 42.9%, 30.7%, and 22.4% respectively [7]