1H25 业绩超出市场预期 公司公布1H25 业绩：收入12.83 亿元，同比+79.85%；扣非归母净利润1.79 亿元，同比+176.89%。2Q25 公司：收入7.78 亿元，同比+69.97%，环比+54.16%；扣非归母净利润1.26 亿元，同比+205.07%，环比 +136.49%。公司1H25 业绩超出市场预期，主要由于2Q25 公司铸造业务盈利改善明显，已经带动1H25 铸件板块业绩转正。 原材料价格上涨；行业装机需求不及预期；铸造业务客户开拓不及预期。 风电铸件业务有望逐步受益于全球海风增量，其他精密轴业务有望持续保持较快增长。随着2025 年公 司风电铸件业务产量上行，叠加产品售价的提升和成本下降，该业务已经在2Q25 实现盈利。后续我们 预计公司该业务仍有增量空间，主要得益于"十五五"时期国内海风的潜在增量，以及海外海风高景气下 客户的逐步上量。此外，公司其他精密轴业务仍在持续开拓下游市场，我们预计今年至明年其他精密轴 业务仍将持续较快增长，进一步为公司贡献增量业绩。 盈利预测与估值 由于公司2025 年风电铸件盈利提升幅度超出此前预测，我们上调公司2025 年盈利预测5.5%至4.3 ...

Core Viewpoint - Demais' controlling shareholder has changed from He Jianping to Pan Yi through a share transfer agreement with Suzhou Huixin Chuangzhi Investment Co., Ltd for a transaction price of 669 million yuan, raising market speculation about connections to Huichuan Technology [2][3] Group 1: Shareholder Changes - The share transfer involves all shareholders of Dalian Demais Investment Co., which will transfer 100% of its equity to Huixin Chuangzhi, making it the indirect controlling shareholder of Demais [3] - After the transaction, Demais Investment will still hold 16.73% of Demais' shares [3] Group 2: Background of Pan Yi - Pan Yi, the new controlling shareholder, has a deep connection with Huichuan Technology, having been a co-founder and former deputy general manager [5] - Although Pan Yi is not among the top ten shareholders of Huichuan Technology, he remains a shareholder of its largest shareholder, Shenzhen Huichuan Investment Co., Ltd, holding 2.5438% [5] - His investment firm, Waniu Capital, is closely related to Huichuan Technology's founder, Zhu Xingming, and focuses on value investment in the intelligent manufacturing sector [5] Group 3: Company Performance and Market Position - Demais is a leading company in the precision shaft and precision cutting parts market, primarily serving the automotive sector, and went public in 2021 [8] - The company's gross margin has declined to 20.77% in 2024, the lowest in nearly a decade, and further dropped to 19.52% in Q1 of this year [8] - Despite achieving a historical revenue high of 690 million yuan, the net profit attributable to shareholders only grew by 1.18% to 53.98 million yuan [8] - Demais has been attempting to diversify into the new energy vehicle parts market but has yet to identify a second growth curve [8] Group 4: Strategic Initiatives - In response to industry trends, Demais announced its entry into the humanoid robot parts business as a potential second growth curve [9]