Core Viewpoint - The company, Shenzhen Minglida Precision Technology Co., Ltd., hosted an investor relations event with 18 institutions, discussing its business performance, strategic partnerships, and future growth prospects [1][2]. Group 1: Business Performance - The company reported significant growth in mid-year revenue, indicating a positive trend towards profitability, although gross margin has declined and operating cash flow remains negative [2]. - Overall revenue increased year-on-year, driven by sales growth and improved capacity utilization, leading to a reduction in overall expense ratio [2]. - The company expects profit margins to continue improving in the future due to enhanced internal cost control measures [2]. Group 2: Main Business Operations - The company's main focus is on the R&D and production of precision components and molds, establishing a multi-process integrated manufacturing system [2]. - The die-casting and injection molding businesses saw improved gross margins due to sales growth, while the stamping business remained flat, experiencing a decline in gross margin due to increased asset scale and manufacturing costs [2]. - The company is a core supplier for many key clients, with anticipated order growth as projects ramp up [2]. Group 3: Strategic Partnerships and Technology - The strategic partnership with Zhongguancun Robotics is seen as having significant potential, although its current impact on the company's operations is limited [2]. - The company's core technological advantages include service capabilities, customer resources, R&D design, and location, particularly emphasizing its "one-stop service" capability [2]. Group 4: International Expansion - Production bases in Mexico and Hungary primarily cater to the needs of leading clients in the overseas new energy vehicle, photovoltaic, and energy storage sectors, with current capacity meeting short-term demand [2]. - The company faces risks related to customer demand fluctuations and local tariff policies [2]. Group 5: Future Growth Areas - The photovoltaic and energy storage business is expected to see significant growth by 2025, driven by customer inventory reduction and market expansion [2]. - The company is establishing collaborations in the robotics sector and has formed a subsidiary for liquid cooling business, focusing on internal support and market expansion [2]. Group 6: Financial Strategies - The company plans to implement a stock buyback of 100 million yuan in 2024 and 60 million yuan in 2025 to stabilize its market value and protect shareholder interests [2].

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company has shown significant profit recovery in the second quarter, driven primarily by its electric vehicle (EV) business, leading to an overall improvement in the first half of the year [1] - The company's main business areas include electric vehicles, photovoltaic energy storage, and security, with a stable layout in these sectors [2] - The electric vehicle segment has rapidly grown and has become the largest business segment for the company [3] - The company has initiated strategic cooperation in robotics to accelerate industrialization, focusing on artificial intelligence and humanoid robots [4] - Revenue forecasts for 2025-2027 are projected at 3.5 billion, 4.3 billion, and 5.2 billion yuan respectively, with net profits expected to be 30 million, 150 million, and 360 million yuan [4] Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 1.526 billion yuan, a year-on-year increase of 37.95%, with a net profit loss of 31.74 million yuan, significantly narrowing compared to the previous year [1] - The second quarter revenue reached 871 million yuan, a year-on-year increase of 58.07%, and a quarter-on-quarter increase of 32.87%, with a net profit of 12.24 million yuan [1] - The gross margin and net margin for the second quarter improved to 11.74% and 1.41% respectively, indicating a significant enhancement in profitability [1] Business Segments - The company has a diversified manufacturing system that includes die-casting, injection molding, profile, and stamping, focusing on precision structural components and molds [2] - The electric vehicle business has seen a continuous increase in new customers and projects, contributing to its status as the largest segment of the company's revenue [3] - The photovoltaic business is recovering as downstream inventory levels normalize, while the energy storage segment is experiencing significant growth due to overseas demand expansion [2] Strategic Initiatives - The company has signed a strategic cooperation agreement with the Zhongguancun Robot Industry Innovation Center to develop capabilities across the entire value chain from technology research and development to precision manufacturing [4] - Investments in overseas production bases in Mexico and Hungary are aimed at supporting the growth of the robotics business [4]