格隆汇9月23日丨豪能股份(603809.SH)在投资者互动平台表示，公司目前已开发高精密行星减速机、高 精密新型摆线减速机等系列化产品，并跟多个公司在人形机器人、机器狗、外骨骼、灵巧手等领域开展 了业务交流及合作，部分产品已实现批量供货。 ...

股票研究 /[Table_Date] 2025.09.18 中报业绩稳健，积极布局减速器产能 豪能股份(603809) | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 石佳艺(分析师) | 021-38676666 | shijiayi@gtht.com | S0880525070001 | 本报告导读： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 1,946 | 2,360 | 2,922 | 3,524 | 4,201 | | (+/-)% | 32.2% | 21.3% | 23.8% | 20.6% | 19.2% | | 净利润(归母) | 182 | 322 | 433 | 543 | 669 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's overall operations are on an upward trend, with successful progress in robot products. In H1 2025, the company achieved revenue of 1.25 billion yuan, a year-on-year increase of 10.3%, and a net profit attributable to shareholders of 184 million yuan, up 13.5% year-on-year [1][2] - The automotive parts segment saw a revenue of 1.06 billion yuan in H1 2025, growing 7% year-on-year, while the aerospace parts segment reported revenue of 170 million yuan, a 32% increase year-on-year [2] Summary by Sections Financial Performance - In H1 2025, the company's gross profit margin was 32.1%, a decrease of 1.8 percentage points year-on-year, while the net profit margin was 14.6%, an increase of 0.4 percentage points year-on-year. In Q2 2025, the gross profit margin remained stable at 32.1% year-on-year, with a net profit margin of 12.6%, down 4.2 percentage points quarter-on-quarter [3] - The company expects net profits for 2025-2027 to be 431 million, 542 million, and 661 million yuan respectively, with corresponding P/E ratios of 30.6, 24.3, and 20 [4] Business Segments - The automotive parts segment is experiencing a phase of adjustment in customer demand, with the company facing challenges due to some clients' demand fluctuations and new projects ramping up production capacity [2] - The company has developed high-precision planetary gear reducers and new types of cycloidal reducers, which are being applied in humanoid robots, robotic dogs, and exoskeletons [4] Market Position - The company has secured contracts with major clients such as Magna, Volkswagen, and Scania, which supports future performance growth [2] - The company benefits from regional supply chain advantages due to its headquarters in Sichuan and a subsidiary in Chongqing, which is close to key production bases [4]

Core Viewpoint - The company reported a revenue of 1.253 billion yuan for 1H25, representing a year-on-year increase of 10.3%, and a net profit attributable to shareholders of 184 million yuan, up 13.5% year-on-year. However, Q2 performance was below expectations due to increased expenses [1][2]. Business Performance - Aerospace and automotive parts businesses achieved revenues of 167 million yuan and 1.087 billion yuan respectively in 1H25, with year-on-year growth rates of 32.2% and 7.6%. The aerospace segment is expected to maintain rapid growth due to competitive advantages and new orders from civil aviation [1]. - The automotive parts segment is projected to see continued growth in differential products, while synchronizer products face short-term pressure due to customer demand adjustments [1]. R&D and Profitability - Increased R&D investment is anticipated to support long-term growth, with Q2 gross margin at 32.1%, a year-on-year increase of 0.1 percentage points. However, the net profit margin for Q2 decreased to 12.6%, down 1.4 and 4.2 percentage points year-on-year and quarter-on-quarter respectively [2]. - Management expenses rose primarily due to increased employee compensation and one-time relocation costs [2]. Strategic Investments - The company plans to invest 100 million yuan in its wholly-owned subsidiary, focusing on the construction of core components for intelligent manufacturing. This investment aims to enhance production capabilities in high-precision gear products for robotics applications [2]. Profit Forecast and Valuation - The company maintains its profit forecast for 2025 and 2026, with the current stock price corresponding to 32 and 25 times P/E for those years. The target price has been raised by 12% to 18.4 yuan, reflecting a 20% upside potential based on the rapid emergence of humanoid robotics business [3].

Group 1 - The company has developed high-precision reducers and joint drive assemblies for robotics applications, including humanoid robots [2] - The product lineup includes high-precision planetary reducers and new types of cycloidal reducers, which are already being used in fields such as humanoid robots, robotic dogs, and exoskeletons [2]

Group 1 - The company has established a presence in the high-precision reducer and joint drive assembly for robots [1] - The product lineup includes high-precision planetary reducers and high-precision new-type cycloidal reducers [1] - Some products have been successfully applied in humanoid robots, robotic dogs, and exoskeletons [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to see significant growth in its differential gear business, with revenue projections of 272 million yuan and 470 million yuan for 2023 and 2024, respectively, reflecting year-on-year growth rates of 124.5% and 72.8% [4] - The company is expanding its production capacity for both robot gearboxes and new energy vehicle gearboxes, with the coaxial gearbox expected to enter mass production in 2025, which is anticipated to enhance its market position [5][6] - The company is strategically positioning itself in the robotics sector, with a focus on high-precision gearboxes and joint drive assemblies, indicating a strong long-term growth potential [7][8] Summary by Sections Financial Forecasts - Projected operating revenue for the company is expected to reach 2,360 million yuan in 2024, 2,871 million yuan in 2025, and 3,454 million yuan in 2026, with corresponding year-on-year growth rates of 21%, 22%, and 20% [2] - The net profit attributable to the parent company is forecasted to be 322 million yuan in 2024, 431 million yuan in 2025, and 535 million yuan in 2026, with year-on-year growth rates of 77%, 34%, and 24% respectively [2] - Earnings per share are projected to increase from 0.37 yuan in 2024 to 0.62 yuan in 2026 [2] Market Position and Strategy - The company is enhancing its competitive edge by investing 100 million yuan into its wholly-owned subsidiary, Chongqing Haoneng, to boost production capacity for robot gearboxes and coaxial gearboxes for new energy vehicles [8] - The company has established a comprehensive product lineup in the automotive transmission system sector, focusing on electric motor shafts, stators, rotors, and planetary gearboxes, which are expected to drive new profit growth [6][8] - The company is actively engaging with multiple clients in the robotics sector, indicating a robust demand for its high-precision gear products [7][8]