Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [5][12]. Core Views - The company has shown strong performance in the first half of 2025, with revenue reaching 1.958 billion yuan, a year-on-year increase of 20.71%. The net profit attributable to shareholders was 186 million yuan, reflecting an 8.45% increase year-on-year [1]. - The company is a leader in the micro-motor sector, with a diverse business portfolio across home appliances, automotive, and medical industries. The report expresses optimism about the company's long-term growth prospects [5]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 1.958 billion yuan, up 20.71% year-on-year. The net profit attributable to shareholders was 186 million yuan, with a year-on-year increase of 8.45% [1]. - For Q2 2025, revenue was 1.050 billion yuan, a 16.62% increase year-on-year, while net profit attributable to shareholders decreased by 6.13% to 93 million yuan [1]. Segment Performance - Revenue from home appliances, automotive parts, industrial control, medical, and sports health segments reached 1.119 billion, 379 million, 254 million, and 123 million yuan respectively, with year-on-year growth rates of 5.09%, 63.72%, 34.49%, and 30.91% [2]. - The automotive parts segment benefited from accelerated production of new energy vehicle laser radar motors and electric air conditioning compressor motor components [2]. Profitability and Costs - The company's gross margin and net profit margin for H1 2025 were 27.20% and 9.51%, respectively, showing a slight decline of 1.71 and 1.08 percentage points year-on-year [3]. - The R&D expense ratio remained stable at 4.43%, with a slight decrease of 0.24 percentage points year-on-year [3]. Product Development and Client Acquisition - The automotive laser radar motor has secured multiple clients, including Hesai, BYD, and Suton, while the company is developing laser radar optoelectronic module products [4]. - In the field of embodied intelligence, various products are in prototype testing and customer sampling stages, with recent upgrades to high-load servo electric hands [4]. Future Outlook - The company is projected to achieve revenues of 4.286 billion, 5.206 billion, and 6.295 billion yuan for 2025, 2026, and 2027, respectively, with net profits of 370 million, 462 million, and 575 million yuan [5]. - The expected EPS for the same years is 0.83, 1.03, and 1.29 yuan, with corresponding P/E ratios of 62.32, 49.82, and 40.05 [5].

别 为 0.81%/2.08%/0.13%/2.43% ， 同 比 分 别 -0.08pct/-1.89pct/-0.16pct/-2.11pct ， 环 比 分 别-0.67pct/-2.07pct/-0.34pct/-1.68pct | 童祖毒 | | | --- | --- | | 刘力宇 | | | 置路 | | | 郭雨蒙 | | | 孙仁昊 | | | 赖思旭 | | | 童明祺 | Distri | | | | 盈利能力方面， 25H1公司归母净利率为6.9%，同比-0.1pct；销售毛利率为15.15%，同比-2.58pct。其中，25Q2 归母净利率为8.19%，同比+7.77pct/环比+3.61pct；25Q2销售毛利率为16.04%，同比-0.70pct/环 比+2.56pct； 25Q2费用管控成果斐然，费用率同环比降幅显著。 25Q2期间费用率为5.44%，同/环比分别-4.24pct/-4.76pct；其中，销售/管理/财务/研发费用率分 | 投资要点 | | --- | 事件： 公司发布2025年半年度报告。营收28.68亿元，同比+22.48%；归母净利1.99亿元（预期为1 ...

Core Viewpoint - The company has initiated the development of its first batch of robotic joint precision transmission products, involving six products for two clients [2] Group 1: Company Developments - The company has established Zhejiang Wanliyang Robot Technology Co., Ltd. to focus on the R&D and industrialization of robotic joint precision transmission products [2] - The product platform planning has been preliminarily completed, including categories such as harmonic reducers, planetary reducers, brushless motors, and controllers [2] - Standardization and platform design have been achieved for various product categories, including platform models, diameters, gear ratios, and controller types [2] Group 2: Business Segments - The company's business includes automotive parts and new energy storage [2] - The automotive parts segment focuses on the R&D, production, and sales of automotive transmission and drive system products, covering passenger vehicles, commercial vehicles, and new energy vehicles [2] - The company is also developing non-road transmission/drive system products, including electric drive systems for construction machinery and various tractor systems [2] - The company is expanding its export business for components such as gears, shafts, housings, aluminum die-cast parts, cast iron parts, and forgings [2] - The new energy storage business encompasses power generation side storage power stations, grid-side independent storage power stations, user-side storage power stations, and electricity trading [2]

Group 1: Automotive Components Business - The company focuses on the research, production, and sales of automotive transmission and drive system products, covering passenger vehicles, commercial vehicles, and new energy vehicles [1] - The company is actively developing non-road transmission/drive system products, including electric drive systems for construction machinery and high-power tractors [2] - The company has expanded its international market, increasing direct exports of CVT products and developing electric vehicle (EV) reducers [2] Group 2: Commercial Vehicle Transmission Business - The light truck transmission business is steadily developing existing manual transmission products while actively developing electric products, covering P2 and PS hybrid systems [2] - The heavy truck transmission business includes AMT automatic transmissions and pure electric drive systems, with related products gradually entering mass production [2] Group 3: Non-Road Transmission/Drive Systems - The company is focusing on the development of electric drive systems for construction machinery and high-power tractors, with new product research and customer development progressing simultaneously [2] Group 4: New Energy Storage Business - The company has operational independent energy storage power stations in Zhaoqing and Yiwu, with installed capacities of 100MW/200MWh and 100MW/200MWh, respectively [3] - Additional energy storage projects are under construction in Guangdong and Zhejiang, which will further increase revenue from the energy storage business [3] Group 5: Robotics Components Business - The company established Zhejiang Wanyiyang Robotics Technology Co., Ltd. to focus on the research and industrialization of precision transmission products for robots [4] - Initial product platform planning has been completed, including standardization and platform design for various types of products [4]

Group 1: Company Overview - The company operates in two main business segments: automotive parts and new energy storage [1] - The automotive parts segment includes the R&D, production, and sales of transmission and drive system products for passenger vehicles, commercial vehicles, and new energy vehicles [1] - The new energy storage segment focuses on power-side storage power stations, grid-side independent storage power stations, user-side storage power stations, and electricity trading [1] Group 2: Passenger Vehicle Transmission Business - In 2024, the company's direct export sales of passenger vehicle transmission products saw a significant year-on-year increase [2] - The company is actively developing overseas clients to sustain revenue growth from international markets [2] - There is a strong push for electric vehicle (EV) reducers and related products, contributing to increasing sales [2] Group 3: Commercial Vehicle Transmission Business - The light truck transmission business is expanding with a focus on both manual and electric products, including P2 and PS hybrid systems [2] - The heavy truck transmission business includes AMT automatic transmissions and pure electric drive systems, with production and sales expected to grow as client models are launched [2] Group 4: New Energy Storage Business - The company has operational independent storage power stations in Zhaoqing, Guangdong (100MW/200MWh) and Yiwu, Zhejiang (100MW/200MWh) [3] - These projects leverage the company's extensive experience in design, integration, construction, and operation within the energy storage sector [3] - New project developments are underway in Guangdong, Hainan, and Zhejiang provinces to further enhance the new energy storage business [3] Group 5: Robotics Components Business - A dedicated team for the industrialization of robotic reducers has been established to enhance product offerings [4] - The company is focusing on the development and integration of harmonic reducers and planetary reducers to improve market share [4]